Castor seed prices at India’s National Commodities and Derivative Exchange (NCDEX) was up by 1.86%. Castor Seed for September delivery is trading around Rs 3373-3470 per qtl levels.
Record production in India in 2012-’13 and rise in production in Brazil and China has impacted castor seed prices. Oil demand remains firm in spot markets has capped further fall in castor seed prices.
On the 5th of August, Castor seed rose to a high of 3470 Rs/qtl at 12.11 pm IST and is expected to trade positive in the near term . Support is at 3450, 3430 levels and resistance at 3516 & 3530.
Positive reports from Rajkot spot witnessed recovery in castor seed future prices. NCDEX expects castor seed to trade with bullish bias.