Castorseed prices moved up on the back of strong castor meal demand. Moreover, slow sowing due to delay in onset of monsoon supported castor price.
According to a latest release from Solvent Extractors’ Association of India, there is almost a 101-per cent spurt in castormeal exports.
During April- May, shipments touched 1.17 lakh tonnes . This is mainly due to strong demand from South Korea and Taiwan.
Moreover, sowing for kharif is progressing slowly, leading to further gains in the castorseed market.
On the National Commodity and Derivatives Exchange (NCDEX), castor July contracts gained by Rs 47 to Rs 3,298 a quintal with an open interest of 8,930 lots.
August contracts moved up by Rs 63 to Rs 3,381 a quintal with an open interest of 48,040 lots.
On Rajkot Commodity Exchange, castor September contract rose Rs 52 to Rs 3,448 a quintal and RCX spot castor was traded atRs 3,125 a quintal.
About 40,000-45,000 bags of castorseed arrived in Gujarat quoting Rs 610-630 for a maund of 20 kg and around 2,100-2,200 bags arrived in Saurashtra atRs 590-630 .
A Rajkot-based commodity trader said, “Shrinking arrival is also a reason for gain in castor.
Price may continue to move up in this week.”