Ahmedabad, April 8 (Commodities Control): Castor seed prices in Gujarat have declined amid record arrivals for the current season. Today, prices dropped by 15-20 rupees per 20 kilograms as arrivals reached an unprecedented 1.70 lakh bags in the state.
The surge in supply is attributed to new mills becoming operational and a potential increase in castor oil exports to 55,000-60,000 tons. This has led to increased crushing activity, with mills processing around one lakh bags daily. The remaining supply is being added to existing mill stockpiles.
Stockists anticipate further price declines and are holding off on purchases until prices potentially drop below 1100 rupees per 20 kilograms.
Market figures indicate that approximately 1,40,000 bags (1 bag = 35 kg) arrived in Gujarat, 15,000 bags from Rajasthan, and an additional 15,000 bags were sold directly to mills. Castor seed prices traded between 1130-1155 rupees per 20 kilograms.
Plant rates also declined, tracking the fall in the spot and futures markets. Jagana Shippers' closing price was 1180 rupees per 20 kilograms (down from the opening price of Rs 1183), while N.K. maintained a price of 1195 rupees. Kandla prices closed at 1170-1180 rupees per 20 kilograms. Castor oil on Kandla delivery terms closed at 1188-1190 rupees per 10 kilograms.
The increased supply pressure has also impacted the futures market. On the NCDEX, the April contract closed at 5948 rupees per quintal (down 80 rupees) and the May
0 Comments 
Post Comment 
