Castor seed prices firmed up by Rs 36 to Rs 34,170 per quintal in futures trading as traders indulged in enhancing positions in line with upbeat sentiments at the domestic spot markets on strong export demand.
Marketmen attributed the rise in castor seed prices at futures market to raising of holdings amid a firm trend at the physical markets on strong export and domestic demand from consuming industries.
Castor seed prices extended losses by Rs 13 to Rs 4,079 per quintal in futures trade on cutting down of bets constantly by the operators depressed by subdued physical trend.
Market players said ample stocks along with weak demand for paint, soap and lubricant industries in spot markets continually let down traders, which resulted in declining trend in castor seed futures prices.
Castor seed prices drifted lower by Rs 37 per quintal in futures trade on offloading of positions by speculators amid a weak trend at the physical markets.
At the National Commodity and Derivative Exchange, castor seed delivery for the most-traded delivery in May declined by Rs 37, or 0.89 per cent, to Rs 4,114 per quintal, with an open interest of 66,770 lots.
Castor seed prices drifted lower by Rs 20 to Rs 4,146 per quintal in futures trade as participants liquidated holdings in line with a weakening trend in spot markets.
At the National Commodity and Derivatives Exchange, castor seed for delivery in May dropped by Rs 20, or 0.48 per cent, to Rs 4,146 per quintal, clocking an open interest of 76,240 lots.
Castor seed prices were down by Rs 55 to Rs 4,092 per quintal in futures trade as traders offloaded holdings, triggered by a weak trend at the spot market.
At the National Commodity and Derivative Exchange, castor seed for May delivery declined by Rs 55, or 1.33 per cent, to Rs 4,092 per quintal with an open interest of 77,650 lots.
Castor seed prices went down further by Rs 19 to Rs 4,067 per quintal in futures trade as traders preferred to offload holdings continuously, tracking downbeat physical market sentiments.
Market players attributed the downfall in castor seed futures prices to ample stocks on relentless supplies from growing belts amid lack of industrial buying support in the spot markets.
The global sulfated castor oil market is at a dynamic evolution stage owing to the shift industries from petrochemical resources. The rising shift of consumers towards bio-based chemicals which is attributed to the fluctuating prices of petrochemicals and rising demand of sustainable and bio-degradable plant-based chemical products is driving the growth of global sulfated castor oil market. Furthermore, rising regulatory restrictions due to the overuse of conventional sources and petrochemicals coupled with increased level of industrial hazards related with these conventional sources are shifting the consumer preferences towards plant-based chemicals.
The castor oil and derivatives market is to witness a huge growth from 2018-2024.
The major market drivers are rising demand for renewable and sustainable source, increasing petrochemical prices and growth of major end-use industries. The market growth might be restricted due volatile raw material prices and seasonality factors under the study period.