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Dhimant Bhatt

Mumbai , May 21

Castorseed futures prices may fall further this week on steady supply in Gujarat amid limited local demand, despite reports of fresh export deals.

Castorseed August delivery prices on Ahmedabad Commodity Exchange (ACE) declined Rs 64 to Rs 1,573 a quintal on Saturday from Rs 1,637 on May 1. June contracts on Rajkot Oilseeds Exchange slipped Rs 88 to Rs 1,453 from Rs 1,541.

"Futures price may continue to rule weak this week also as supply is holding the key. Local demand is low," a local trader said.

Daily arrivals in Gujarat are around 45,000 bags. There are reports that castor oil exports deals were struck around $725 a tonne.

COTTON

Cotton (medium staple) futures prices could continue to rule weak on continued offerings from ginners, steady inflows and higher stocks, traders said.

Cotton medium staple July contracts on NCDEX platform were down Rs 30 to Rs 1,766 per maund (37.32 kg) ex-Abohar on Friday from previous week's close of Rs 1,796.

"Prices are moving downward on increased inflows and also of poor quality. Ginners are very keen sellers in such cotton," a local trader said.

"Overall buying from mills is limited," he said.

The carryover stocks are estimated around 70-75 lakhs bales of average quality.

JEERA

Jeera futures prices may rule weak this week on some speculative selling by some operators against stray buying support from exporters.

Jeera June contracts (expiring on June 15) on MCX were down Rs 300 to trade at Rs 6,648 a quintal ex-Unjha on Friday.

"Local demand was low. Some traders were sellers," a broker said. Average spot price at Unjha market yard was weak and quoted at Rs 6,680 a quintal on Saturday on limited local buying.

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