Castorseed prices rose by Rs 35 to Rs 4,075 per quintal in futures trading last week as participants created positions amid a firm trend at the physical markets.
Also, delivery in current month delivery went up by Rs 33, or 0.83 per cent, to Rs 4,026 per quintal, in an open interest of 10,940 lots.
Castor seeds futures, a leader in the segment and suspended by the National Commodity and Derivatives Exchange (NCDEX), are likely to be relaunched again. The market regulator, the Securities and Exchange Board of India (Sebi), is considering a proposal on this and is likely to announce its decision soon.
Multi Commodity Exchange (MCX) has also applied for castor seed futures and is awaiting Sebi’s approval.
Castor seed prices increased due to increased demand from the crushers on the spot, while there was a decrease on futures as traders booked the profit at higher level.
The export demand for castor oil had increased the demand from crushers. The price of the castor oil was up Rs. 5 to Rs. 830/10 kg.
Sufficient supply along with limited demand reduced the castor seed price in the spot market. Castor seed futures traded lower on higher supply as well as strong production estimates.
The castor seed prices declined Rs. 5 to Rs. 790 – 800 per 20 kg in Gujarat. On the Rajkot Commodity Exchange, castor December contract lost Rs. 21 to Rs. 4,122 per quintal. RCX spot castor declined Rs. 25 to Rs. 3,925 per quintal.
Castor seed prices increased by Rs. 54 to Rs. 4,269/quintal due to firming trend at the spot market. At NCDEX, castor seed delivery for November contracts increased by 1.28% to Rs 4,269/quintal.
Also, commodity for delivery in October contracts was trading higher by 0.73% at Rs. 4155/quintal.
Castor seed futures traded marginally higher on NCDEX due to rising demand from paint industries. Further, restricted arrivals from the major producing belts also influenced castor seed prices’ uptrend.
The contract for October delivery was trading at Rs 4130 .00, while the contract for November delivery was trading at Rs 4245.00.
Castor seed futures traded marginally up on NCDEX due to increased holdings by the investors and rising demand from consuming industries at the spot market.
The contract for October delivery was trading at Rs 4190 .00 and the contract for November delivery was trading at Rs 4262.00.
Castor seed futures traded lower on NCDEX due to higher supply against lower domestic demand. The seed prices reduced due to pressure from bear operators.
The contract for September delivery was trading at Rs. 4088.00/quintal while the contract for October delivery was trading at Rs. 4131.00/quintal.
Castor seed prices increased due to good export demand and tight supply from producing belt. On the Rajkot Commodity Exchange (RCX) castor September futures was up Rs 11 to Rs 4,146 a quintal.
About 38,000-40,000 bags arrived in Gujarat and prices gained Rs 5 to Rs 795-805 per 20 kg. Around 1,000-1,100 bags arrived in Saurashtra and went for Rs 765-775. Castor oil was at Rs 815/10 kg.
Source: Business Standard Newspaper – 27 Aug, 2015