Comments
Castor seed futures that saw some correction last week, rebounded on Tuesday and rose by the maximum permissible limit on Tuesday. The oilseed witnessed a bullish trend as speculators took fresh positions on the back of rising demand for its oil and meal in the export market. Also, scrapping of special and additional margins by the NCDEX on castorseed aided the trend.
The release of the first advance estimate by the Agriculture Ministry showing a lower oilseeds crop was another booster to the counter.
Castorseed for October and November delivery increased to Rs 3,482 and Rs 3,579 respectively.
December contracts gained 4 per cent at Rs 3,655 a quintal on the NCDEX. However, the gains could be limited on improved rainfall in the major producing areas.
India is the largest producer and exporter of castorseed and oil, meal. According to the latest data from the Solvent Extractors' Association of India, India's total castormeal exports during April-August have been reported at 1.12 lakh tonnes, up 58 per cent from the last year in the same period.
Export of castor oil reached 30,963 tonnes for August 2012 against 35,130 tonnes for July. A total of 8.50 lakh hectares has been brought under castor this year against 11.13 lakh hectares in the previous year (as on September 13).
The spot market ruled weak and at Disa (Gujarat) castor seed was quoted at Rs 3,495.85 a quintal.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.