Mumbai, June 29 (CommoditiesControl): Castor oil arrivals in Gujarat, the primary hub for castor oil production, have declined due to a lack of rainfall in the North Gujarat region. Despite this, prices have remained stable due to moderate demand.
Market participants anticipate that the June arrival figures will be crucial in determining future price trends. Notably, May witnessed a record export of 90,000 tonnes of castor oil. If the estimated export volume of 55,000-60,000 tonnes for June is realized, castor oil prices could potentially increase. For reference, last June saw exports of 32,235 tonnes.
Today's arrivals included approximately 40,000 bags from Gujarat, 8,000 bags from Rajasthan, and 4,000 bags through direct mill trades, totaling around 52,000 bags (1 bag = 35 kg). Castor oil prices held steady at Rs 1120-1140 per 20 kg. The closure of the futures market today resulted in no significant changes in mill prices. Jagana Sheeperso, NK, and Kandla maintained their prices at Rs 1165, Rs 1172, and Rs 1162-1182 per 20 kg, respectively. Reddy-Reddy on Kandla delivery also remained unchanged at Rs 1170-1172 per 10 kg.
The castor oil market in Gujarat is currently experiencing stable prices despite reduced arrivals due to limited rainfall. However, future price movements will depend on the June arrival figures and export volumes, which could potentially drive prices higher. Market participants are closely monitoring these factors to anticipate any shifts in market dynamics.
(By Commoditiescontrol Bureau; +91-9820130172)
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