Ahmedabad, March 22 (Commoditiescontrol): Castor seed prices continue their upward trajectory in the spot market, following the bullish trend in the futures market. This consistent price rise is attributed to the upcoming week-long market closure due to the March ending.
Approximately 92,000 bags (1 bag = 35 kg) of castor seed arrived in Gujarat today. The breakdown of arrival was as follows: around 70,000 bags were from Gujarat, 13,000 bags from Rajasthan, and 9,000 bags were taken directly to mills. Average spot prices ranged from Rs 1165-1180 per 20 kg.
The strong futures market spurred millers to increase their prices. Prices for key millers were as follows:
Jagana Shippers: Rs 1220 (morning) to Rs 1225 (close)
N.K.: Rs 1240 (morning) to Rs 1245 (close)
Kandla: Steady at Rs 1205-1230 per 20 kg.
Castor oil (Kandla delivery) saw Reddy-Reddy prices rise from Rs 1225 to Rs 1228 per 10 kg.
As of 4.46 pm on NCDEX, the April castor seed contract gained Rs 40, trading at Rs 6140 per quintal. The May contract saw a slight decline of Rs 8, trading at Rs 6081 per quintal.
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