As speculators enlarged positions at existing lower levels amidst firming spot markets, a marginal recovery in the castor prices was observed on 27 August, 2014.
The table below shows the future trading prices on 27 August, 2014 at the National Commodity and Derivatives Exchange.
|
Contracts |
Gain |
Final price Rs per quintal |
|
First contract September |
Rs 11 or 0.26 % |
4,170 |
|
Second contracts October |
Rs 12 or 0.28 % |
4,241 |
At NCDEX, on 25 August, 2014, Castor prices were down as quoted in the table below.
|
Contract |
Fall |
Final Price |
|
October contracts |
Rs 66 or 1.54% |
Rs 4,208 |
|
September Contracts |
Rs 60 or 1.43 |
Rs 4,146 |
The fall in castorseed prices at futures trade was mostly due to offloading of positions against increased supplies in the spot market.
Recovery in the kharif and weak export demand of castor seeds seems to push down castor seed prices in the near future term. The solvent extractors’ association has reported a 4% decrease, in the overall export of oilmeals during July 2014, when compared with the previous year’s report.
The NCDEX Castor seed September futures decline 0.07% to close at Rs. 4213 per quintal. The decline of NCDEX futures on open interest of 0.07% seems to profit the traders.
The speculative buying has rescued the castor seed future September contract from its early loss.
Castor seed ready price- Rs.4, 000 per quintal
Previous close- Rs.4, 012.50 per quintal
Castor seed futures per 100 Kilograms in Rajkot market, September contract
Open 4, 205
High 4, 224
Low 4, 161
Close 4, 216
Source: Reuters
Castor seed future September contract were down due to selling pressure from bear operators. However, fresh demand and some inquiries in castor oil improved the spot prices.
Castor seeds ready price quoted at Rs. 4, 012 per quintal.
Castor seed futures per 100 Kilograms in Rajkot market, September contract
Open 4, 291
High 4, 307
Low 4, 199
Close 4, 216
The price improved at the start of the day, but did not sustain due to profit bookings. Hence the castor seed September contract declined by Rs. 4, 216.
At Gujarat and Saurashtra, the prices improved from Rs. 800- 810 and Rs. 775- 785 for 20kg.
Source: Reuters, The Hindu- Business Line
Castorseed prices dropped by Rs 54 to Rs 4,094 per quintal in futures trading on 19th May as speculators trimmed positions on low export demand amid mounting of stocks in domestic markets.
At the National Commodity and Derivatives Exchange, castorseed for delivery in August dropped by Rs 54, or 1.30%, to Rs 4,094 per quintal, with an open interest of 19,820 lots.
Most-active June contract dipped by Rs 43, or 1.09%, to Rs 3,918 per quintal, in an open interest of 1,81,220 lots.
Similarly, May contracts also fell by Rs 40, or 1.02%, to Rs 3,873 per quintal, having an open interest of 2,370 lots.
Marketmen said besides low export demand, ample supplies from growing regions following higher output hopes, mainly influenced the market sentiment.
Castor futures declined on profit booking by traders though spot prices gained marginally on stockists’ demand. Traders said that castor futures market is in an unstable condition due to huge speculations. On the NCDEX, castor June contract was down ₹46 to ₹3,899. On the Rajkot Commodity Exchange, castor June decreased ₹50 to ₹3,899 per quintal. RCX spot castor was up ₹12.50 to ₹3,775. Castor oil lost ₹5 to ₹785/10 kg. About 85,000-90,000 bags of castorseed arrived in Gujarat and traded for ₹750-760 for 20 kg. Around 8,900-9,000 bags arrived in Saurashtra and price was quoted at ₹730-740. According to traders, this year crop size is expected lower and as a result demand from stockists is strong. Spot castor may improve more in coming days as arrivals move down gradually.
Castorseed prices improved by Rs 37 to Rs 4,281 per quintal in futures trading on 30th April following low levels buying at prevailing lower levels.
Marketmen said fresh buying support after yesterday’s sell-off, mainly brought the prices in green zone.
At the National Commodity and Derivatives Exchange, castorseed prices for July contract rose by Rs 37, or 0.87 per cent, to Rs 4,281 per quintal, with an open interest of 78,120 lots.
Near-June contract advanced by Rs 34, or 0.82 per cent, to Rs 4,182 per quintal with an open interest of 96,930 lots.
Most active May contract also improved by Rs 33, or 0.81 per cent, to Rs 4,119 per quintal, showing an open interest of 1,13,680 lots.
With arrival of castorseed in spot market topping over one lakh bags, the price of the oilseed plummeted in spot and futures markets.
According to traders, demand was very limited and price may go down further. Export demand was also weak in castor oil. On the Rajkot Commodity Exchange, castor June contracts were down by ₹119 at ₹3,992 a quintal. RCX spot castor decreased by ₹85 to ₹3,825. Castor oil was down by ₹15 to ₹800/10 kg. About 98,000-1 lakh bags of castor seed arrived in Gujarat for ₹750-760. Similarly, around 7,800-8,000 bags arrived in Saurashtra at ₹750-760 for a maund of 20 kg.
Castorseed prices slipped by Rs 44 to Rs 4,113 per quintal in futures trade on the back of fall in overseas and domestic demand against rising stocks position.
Marketmen said increased selling by traders on existing higher levels mainly led the fall in prices.
Improvement in supply as well as selling on higher levels mainly created increased stocks position in the spotmarkets and pulled down the prices of castor seed.
Source: http://articles.economictimes.indiatimes.com/2014-04-07/news/48939470_1_castorseed-may-contract-dips
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