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Export demand caps castor’s fall

Our Correspondent
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Castor fell marginally as demand fell and arrivals rose. However, some export buying was reported at the lower level which limited dip in prices on Wednesday.

On the National Commodity and Derivatives Exchange (NCDEX), the February contract declined by Rs 3 to Rs 3,400 a quintal with an open interest of 2,460 lots, while the March contract decreased by Re 1 to Rs 3,506 with an open interest of 1,24,590 lots.

On the Rajkot Commodity Exchange, castor for March delivery traded lower by Rs 6 at Rs 3,614, while spot castor decreased by Rs 25 to Rs 3,462.50 a quintal.

In Gujarat, 38,000-40,000 bags of castor arrived and quoted at Rs 688-695 for 20 kg. In Saurashtra, 2,200-2,300 bags arrived and quoted at Rs 665-688 for 20 kg.

According to a report from Dani Commodities Pvt. Ltd, traders can initiate selling at Rs 3,530-3,540. Supports are likely at Rs 3,475-3,480 in the near term. Bearish trend might continue in castorseed futures due to fresh arrival of castorseed in Gujarat.

(This article was published on February 13, 2013)
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