Castorseed remained positive in futures trade with prices rising by another Rs 15 to Rs 4,658 per quintal as participants indulged in raising their positions. Besides, strong domestic and export demand too influenced the castorseed prices.
At the National Commodity and Derivatives Exchange, castorseed for delivery in September rose by Rs 15, or 0.32 per cent, to Rs 4,658 per quintal, clocking an open interest of 80,470 lots.
Castorseed for delivery in October also moved up by a similar margin to trade at Rs 4,738 per quintal and open interest stood at 9,840 lots.
Castorseed prices dropped by Rs 49 to Rs 4,572 per quintal in futures trade today following offloading of positions by speculators in the wake of weak trend at the physical markets.
At the National Commodity and Derivatives Exchange, castorseed for delivery this month slipped by Rs 49, or 1.08 per cent, to Rs 4,572 per quintal, clocking an open interest of 1,810 lots.
The delivery for the most-traded September too eased by Rs 23, or 0.50 per cent, to Rs 4,662 per quintal, depicting an open interest of 75,220 lots.
Castor seed futures on National Commodities and Derivatives Exchange (NCDEX) witnessed the highest single day jump on Wednesday since March this year supported by highest ever monthly export volume of castor meal and reports of crop damage due to heavy rains in Gujarat.
The benchmark castor seed contract on NCDEX for September delivery was up more than 3.21 % or Rs 147 today to trade at Rs. 4,727 per quintal, its highest level in four and half months.
To raise castor productivity by working closely with farmers, Solvent Extractors Association of India (SEA), the national body of the vegetable oil industry, will establish 200 model farms for castor cultivation in five districts of Gujarat, which accounts for 80% of castor production in India.
These model farms, on 3-4 bighas, will be developed in Banaskantha, Patan, Sabarkantha, Junagadh and Kutch.
Castor seed prices rebounded by Rs 34 to Rs 4,470 per quintal in futures trading today on improved industrial demand.
At the National Commodity and Derivative Exchange, castor seed for most-traded, delivery in August month gained Rs 34 or 0.77 per cent to Rs 4,470 per quintal, having an open interest of 74,470 lots.
The castor seed for delivery in September advanced by Rs 33 or 0.73 per cent to Rs 4,540 per quintal, clocking an open interest of 13,760 lots.
CastorOil.in brings you the weekly report of castor seed price at Bombay Commodities Exchange.
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Last week, the castor seed prices increased throughout the week and ended with a high price of Rs. 4425 per quintal.
This week, the price was stable throughout the week and increased at the end of the week.
||Rupees Per Quintal
Castor seed prices advanced by Rs 25 to Rs 4,389 per quintal in futures trade on Friday after speculators accumulated huge positions, tracking a firm trend at the physical markets.
Besides, pick up in export demand also supported the upside in castor seed prices. At the National Commodity and Derivative Exchange, castor seed for delivery in June month rose by Rs 25 or 0.57 per cent to Rs 4,389 per quintal, having an open interest of 7,860 lots.
The most-traded July month contracts also inched up by Rs 2 or 0.05 per cent to Rs 4,362 per quintal, having an open interest of 90,980 lots.
Castor seed’s market under pressure may get some support from the increased export of castor oil from the country as the export has been recorded at the upper level of about 13 months during April.
According to the SEA officials, during April, 55, 557 tonnes of castor oil has been exported from the country, which is the highest monthly export since March 2016.
Castor seed prices improved by Rs 41 to Rs 4,264 per quintal in futures trading following widening of positions by the speculators in line with robust spot and export demand.
At the National Commodity and Derivatives Exchange counter, castor seed delivery for immediate contract June moved up by Rs 41 or 0.97 per cent to Rs 4,264 per quintal, in an open interest of 28,540 lots.
Most active second contract July delivery also edged higher by Rs 35 or 0.81 per cent to Rs 4,344 per quintal, with an open interest of 95,050 lots.
Castor seed prices were trading higher by Rs 40 to Rs 4,268 per quintal in futures trade in the first week of June after traders covered-up their short positions at existing levels, driven by a recovery in the physical markets.
At the National Commodity and Derivatives Exchange, castor seed for delivery in June rebounded by Rs 40, or 0.95 per cent, to Rs 4,268 per quintal, having an open interest of 47,890 lots.