Castorseed futures continued to slip with last week’s rally ending on profit-booking and slack demand from shippers. Moreover, talk that the commodity market watchdog, the Forward Markets Commission, may impose more curbs on trade to limit speculation has fuelled a bearish trend.
On the NCDEX, August futures fell by Rs 169 to close at Rs 4,077 a quintal, while September and October series were at Rs 4,230 and Rs 4,355, down by Rs 157 and Rs 181 respectively.
The oilseed witnessed a rally last week on concerns over the deficit monsoon and export demand along with industrial demand. But the FMC’s vigil has set a cautious tone in the market, resulting in profit-booking.
Spot castor prices on Thursday were at Rs 4,052 at Disa, Gujarat.
The FMC has already banned introduction of new contracts in Tarakeshwar potato, while August contracts in turmeric have been suspended on the NCDEX.