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Castor Seed Prices Surge on Robust Export Demand

10 Jul 2024 4:39 pm
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MUMBAI, 10 Jul (Commoditiescontrol): Castor seed prices surged on Wednesday, fueled by strong export demand, which has led to a notable decrease in arrivals. Today, castor seed prices reached Rs 1,200 per 20 kg, with traders expressing optimism that prices could climb further if the current demand momentum persists. The demand for castor oil is cited as the primary driver behind the escalating prices, with all existing stocks reportedly depleted from the market.

In Gujarat, the total arrival of castor seeds amounted to approximately 40,000 bags, each bag weighing 35 kg. From Rajasthan, around 8,000 bags were received, and an additional 4,000 bags were directly supplied to mills, resulting in a combined arrival of 52,000 bags. This reduced arrival coupled with heightened demand has significantly bolstered market sentiments.

The futures market has also reflected this bullish trend, with considerable gains seen in the prices of castor seeds contracts on the NCDEX. The July contract traded at Rs 6,089 per quintal, the August contract at Rs 6,160 per quintal, and the September contract at Rs 6,178 per quintal, indicating investor confidence in future price movements.

In various markets, prices remained firm: Jagrana Shipper and NK reported prices at Rs 1,220 per 20 kg, while Kandla saw prices ranging from Rs 1,210 to Rs 1,230 per 20 kg. Concurrently, castor oil prices in Kandla delivery surged to Rs 1,223-1,225 per 10 kg, further underlining the robust demand dynamics at play.

Market analysts are closely monitoring international trade developments and domestic supply conditions, anticipating that sustained export demand could continue to support and potentially elevate castor seed prices in the near term.

(By Commoditiescontrol Bureau; +91 98201 30172)


       
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