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Our Bureau

MUMBAI: An international seminar on the dynamics of the castor oil market will be held in Rajkot, Gujarat on February 18.

Participants from India and abroad will examine crop prospects, estimate demand and supply situation, explore export prospects and discuss price outlook for 2006.

Organised by the Solvent Extractors' Association of India in conjunction with Rajkot Seeds Oils and Bullion Merchants Association, the annual event is expected to attract nearly 300 delegates including processors,

exporters, importers, actual users, trade intermediaries and service providers. India is the world's largest producer, consumer and exporter of castor oil, meeting 70 per cent of global consumption requirement. Castor output is around 8.0-8.5 lakh tonnes (lt) and castor oil production is about 3.0 lt. Export earnings are around Rs 800 crore a year.

Gujarat is the major producer of castorseed. The commodity by its very nature is volatile. There is a vibrant futures market for castorseed wherein players are able to discover forward prices and hedge their price risks.

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