Mumbai, May 2 (CommoditiesControl): Castor prices witnessed a notable surge today in Gujarat following the entry of Stockists into the market. Despite recent pressure from increasing castor arrivals, the market experienced a reversal due to the competitive pricing offered by Stockists. Today, castor prices in the state rose by Rs 5-10 per 20 kg. Although arrivals were marginally lower compared to the previous day, the market gained support as castor prices remained within the Rs 1100 range, prompting increased buying from stockists. Continued purchasing activity from stockists in the coming days is anticipated to provide further support to prices.
Today, Gujarat received approximately 1,60,000 sacks (1 sack = 35 kg) of castor, with an additional 15,000 sacks from Rajasthan, totalling around 1,85,000 sacks. Direct trade of 10,000 sacks occurred in Milo. Castor prices stabilized within the range of Rs 1080-1095 per 20 kg.
Futures market improvements prompted traders to adjust prices upward today. The morning price of Jagana Sheparso started at Rs 1118 and closed at Rs 1125, while N.K. Kandla began at around Rs 1130, concluding at Rs 1135. Kandla's morning price ranged between Rs 1115-1120, ending at Rs 1118-1123 per 20 kg. Meanwhile, the morning price of Reddy-Reddy on Kandla Delivery Sharat for castor oil started at Rs 1135 and finalized at Rs 1141 per 10 kg.
On the NCDEX, the May contract of castor rose by Rs 10 to Rs 5660, the June contract surged by Rs 28 to Rs 5750, and the July contract increased by Rs 6 to Rs 5800 per quintal.
(By CommoditiesControl Bureau; +91-9820130172)
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