Ahmedabad, April 15 (Commodities Control): Castor seed prices in Gujarat experienced a decline today due to a substantial increase in arrivals. The increased supply resulted in a drop of 10 rupees per 20 kilograms in the spot market. According to traders, approximately 1,50,000 bags (1 bag = 35 kilograms) arrived in Gujarat, with an additional 15,000 bags from Rajasthan and 10,000 bags sold directly to mills. This brings the total estimated arrivals to around 1,75,000 bags. Castor seed prices ranged between 1115-1135 rupees per 20 kilograms.
The Plant rates mirrored the decline, with millers lowering their bids. Jagaana Shippers opened at 1168 rupees but closed at 1164 rupees per 20 kilograms. N.K. opened at 1190 rupees and closed at 1185 rupees. Kandla opened at 1160 rupees, ending at 1150 rupees per 20 kilograms. Castor oil on the Kandla delivery condition remained steady at 1175-1176 rupees per 10 kilograms.
On the NCDEX at 16:20, the castor seed April contract dipped by 169 rupees, trading at 5793 rupees per quintal. The May contract declined by 62 rupees to 5840, and the June contract fell 21 rupees to 5873 rupees per quintal.
Traders predict that market trends will hinge on the volume of castor seed arrivals in the coming days. If arrivals diminish, prices could rebound.
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