Castor seed Prices Could Decline due to Selling Pressure from Bear Operators – February, 2014

Posted on February 10, 2014 by admin

According to Reuters, castor seed future March contract will decline owing to selling pressure from bear operators.

As of February 7th 2014, on the Rajkot Commodity Exchange castor seeds ready price are quoted at ₹3,882.50 a quintal (₹ 38.9/kg or USD 625/ton)

On the NCDX, castor seeds with a expiry date of March 20, 2014 as of February 10th is being traded at ₹ 4138 a quintal (US$ 665/ton), the previous close was at ₹4077 a quintal (US$ 655/ton)

Studies indicate that the castor oil prices as of February 7, 2014 in Rotterdam is about US$1700/ton (Source: oilworld.ru)

As per the solvent extractors unit of India, castor oil is being exported at ₹830 for 10 kg (US$ 1337/ton). As of January 2014, the castor oil prices have risen by Rs 50 to Rs 9350-9450 per quintal(US$ 1500 – 1521/ton) on increased offtake by consuming industries (Source: Business Standard)

As of February 10th 2014, the castor deoiled cake is ₹4300/ton (US$69/ton)

Profit Booking Crushes Castor Seed Prices – February, 2014

Posted on February 5, 2014 by admin

Despite good demand in spot market, castor futures decreased on the back of profit booking by traders.The following are the details:

On the NCDEX, castor seed February contract declined to ₹4083 a quintal (₹ 40.8/kg or US$655/ton )

On the Rajkot Commodity Exchange castor seed March contract declined to 4,040 a quintal. (₹40.4 Kg or $650/ton)

Castor oil remained steady while spot price gained on tight supply. Castor oil remained flat at ₹810 for 10 kg (US$ 1295/ton)

As per the Bombay commodity exchange on 5th February, the price of the castor deoiled cake is 4300/ton (US$69/ton)

Source:

http://www.bce.net.in/
http://www.thehindubusinessline.com/markets/commodities/profit-booking-crushes-castor-seed/article5657285.ece
http://www.ncdex.com/MarketData/LiveFuturesQuotes.aspx

Castorseed Futures Rise Despite Limited Buying

Posted on January 27, 2014 by admin

Castor seed futures rose despite limited buying by market participants, while spot castorseed dropped due to poor demand.

On the Rajkot Commodity Exchange, castorseed March contracts increased by Rs 41 to Rs 4,362/quintal. RCX spot castorseed declined by Rs 55 to Rs 4,090/quintal.

On the National Commodity and Derivatives Exchange , castorseed January contracts moved up by Rs 63 to Rs 4,365 , with an open interest of 10,850 lots. NCDEX February contracts gained by Rs 67 at Rs 4,428 , with an open interest of 185,090 lots.

About 12,000-13,000 bags of castorseed arrived in Gujarat and prices fell by Rs 10 to Rs 825-840/20 kg.

Around 3,000-3,100 bags arrived in Saurashtra and prices declined by Rs 10 to Rs 760-805/20 kg.

A Rajkot-based commodity trader said that prices in the futures market increased despite interest being lower.

Source:http://www.thehindubusinessline.com/markets/commodities/castorseed-futures-rise-despite-limited-buying/article5582031.ece

Castor Price Volatility – Price drop 12% on weak export demand

Posted on January 23, 2014 by admin

At the spot market, castor price had reached to Rs 920-925 per 20 kg bag But soon after that, castor seedprices started declining as demand for export came down and now it is being traded at Rs 800-810 per 20 kg. Prices, therefore, have decreased nearly 12 per cent or Rs 110 per 20 kg .

On the National Commodity and Derivatives Exchange (NCDEX), the castor seed contract for February 2014 went down by about 16 percent during a week. NCDEX February contract was traded on Rs 4,248 per quintal on Friday while it closed on Rs 5,056 per quintal a week ago.

Delayed and lower sowing on account of unfavorable weather conditions has hampered production. Gujarat and Andhra Pradesh, the two largest castor growing states, witnessed shortage of rainfall during the sowing period. Globally too, castor supplies are likely to remain tight. Sowing area was lower this year by 35-40 per cent, coupled with decline in estimated yield due to inconsistencies in the monsoons in major growing regions.

Traders estimate total availability at 1.4 million tonnes this year, as compared with 2.4 million tonnes in the previous year.

Castor Seed Output in India to Decline 40%

Posted on December 24, 2013 by admin

Castor seed output in India is likely to decline by 40 per cent this year on lower acreage and unfavourable climatic condition in major producing states at the beginning of the sowing season.

Traders estimate total availability at 1.4 million tonnes this year, as compared with 2.4 million tonnes in the previous year. The crop sown in September is harvested through picking of seed in five–six trenches, the first of which begins in January.

Sowing area was lower this year by 35-40 per cent, coupled with decline in estimated yield due to inconsistencies in the monsoon in major growing regions. Gujarat and Andhra Pradesh, the two largest growing states, witnessed shortage of rainfall during the sowing period.

“Farmers could not sow castor seed even in their usual area, resulting in lower acreage. Yield is also expected to remain lower. Consequently, castor seed output is estimated to remain lower this year,” said Manoj Agarwal, director, Shivam Oil Mills, a Palanpur-based (Gujarat) edible oil producer and retailer.

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India – Castor Seed October,November Futures Gain

Posted on September 26, 2013 by admin

On the National Commodity and Derivatives Exchange, October contracts increased by Rs 35 to Rs 3,474 a quintal with an open interest of 1,25,890 lots.

November contracts gained by Rs 41 at Rs 3,579, with an open interest of 44,910 lots.

On the Rajkot Commodity Exchange, December contracts increased by Rs 44 to Rs 3,714. RCX spot castor declined by Rs 37.50 to Rs 3,410 a quintal.

Castor oil traded flat at Rs 720 for 10 kg.

Spot prices, however, decreased as recent rains have raised hopes of higher sowing of the crop that is grown during the rabi season.

India -Castor Seed Futures Bearish for September Delivery

Posted on August 22, 2013 by admin

The trend in castor seed futures for September delivery on India’s National Commodity and Derivatives Exchange (NCDEX) is bearish.

On 20th August , support for NCDEX castor seed is seen at 3360 and 3310 levels while resistance is seen at 3440 and 3500 levels at Commodity Online. NCDEX castor seed for September delivery was seen trading down by 1.42% at Rs.3400 per 100 kgs.

As of now, NCDEX castor seed is seen exhibiting bearish trend despite weak INR. Generally depreciation of INR against USD supports the commodities in the futures market.

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