BKS, an RSS affiliated farmers’ group have urged the centre to institute a minimum support price (MSP) of Rs. 60,000/tonne for castor seeds.
The cost of cultivating castor is estimated at Rs. 6000 – 7000/quintal. In the last two months, the castor cultivation prices have dropped from Rs. 4000 to Rs. 3600/-. Such low prices export sales depress the castor seed prices and also affect the castor seed growers who are denied remunerative returns. The group has also sent a letter stating the estimates of farmers’ losses due to non-procurement of food grains and damage from rain.
Castor seed price had been moving ahead gradually during the week in concern. Yet there was a mild deflation at the end of the week, which is quite an usual scenario.
Check out the table and the graphical data.
|Rupees per Quintal
The weekly report of castor seed price at NCDEX from CastorOil.in
There was an instability in the price of castor seed during the week. For more details, check out the table and the graphical data.
|Rupees per Quintal
The price of castor seed at NCDEX had been increasing constantly.
The castor seed was being sold at Rs. 4613 per quintal earlier in the week. At the end of the week the price shot upto Rs. 4812 per quintal.
||Price per quintal
|31 Oct 2014
|30 Oct 2014
|29 Oct 2014
|28 Oct 2014
Good export demand and speculative buying lifted castor seed futures.
Castor oil price on 15th Aug, 2014 was Rs. 855 per 10 kg
In the major markets of Gujarat, castor seed was sold for Rs. 830 -840 per 20kg
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.
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.
Read More at: http://www.commodityonline.com/news/india-castor-seed-futures-bearish-despite-weak-indian-rupee-55970-3-55971.html
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.
The trend castor seed futures for August delivery on India’s National Commodity and Derivatives Exchange (NCDEX) is negative and further downward movement is expected from current levels. NCDEX castor seed for August 2013 delivery was seen trading down by 0.32% at Rs.3480 per 100 kgs on July 18.
Read More: http://www.commodityonline.com/news/ncdex-castor-seed-negative;-soy-oil-may-remain-bearish-in-near-term-55500-3-55501.html
Castorseeds bold and castor oil commercial prices recovered in an otherwise lacklustre oils and oilseeds Vashi Wholesale market on renewed demand from shippers and soap industries.
The Castorseeds futures market rates were unavailable.In the non-edible section, castorseeds bold climbed by Rs 25 per 100kg to Rs 3,475 from Monday’s closing level of Rs 3,450 and castor oil commercial moved up by Rs 5 per 10kg to Rs 725 as compared to Rs 720 yesterday. However, linseeds oil closed unchanged at Rs 730 per 10kg.
More – http://articles.economictimes.indiatimes.com/2013-07-02/news/40329112_1_shippers-and-soap-industries-castorseeds-groundnut-oil