Ahmedabad, April 3 (Commodities Control) - The castor seed market in Gujarat witnessed stability in prices today despite a substantial arrival of 100,000 bags. Market analysts attribute this steadiness to a balance between supply and demand dynamics. They observed that similar to March's trends, the entire supply this month will likely be utilized for castor oil production. This suggests a potential increase in supply for April. However, experts caution that if castor oil exports do not remain at their current level, there might be a downward pressure on castor seed prices in the near future.
Today's market analysis indicated a diverse influx of castor seeds in Gujarat, with about 77,000 bags (each weighing 35 kg) arriving from within the state, complemented by 13,000 bags from Rajasthan and 10,000 bags being traded directly to mills. This cumulative arrival kept the prices of castor seeds stable at 1155-1175 INR per 20 kg.
Plant rates witnessed mixed trends throughout the day. Jagana Shippers price opened at 1195 INR and closed slightly higher at 1198 INR per 20 kg. N.K. experienced a similar trend, starting the day at 1215 INR and closing at 1225 INR per 20 kg. In contrast, Kandla delivery price maintained a steady price range of 1175-1190 INR throughout the day.
In the castor oil segment, Kandla's prices for ready delivery witnessed a marginal increase, opening at 1205-1207 INR and closing between 1208-1210 INR per 10 kg.
Reflecting these market movements, the NCDEX saw the April contract rise by 49 INR to 6028 INR, and the May contract increase by 48 INR to 5945 INR per quintal as of 16:48, indicating a cautiously optimistic outlook for the castor seed market.
(By Commoditiescontrol Bureau; +91-9820130172)
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