CASTOR SEED SLUMPS ON STRONG PRODUCTION ESTIMATES BY COOITS
Date: 20/3/2012
Castorseed futures witnessed strong selling today due to fresh arrivals in the major mandies of Gujarat along with strong production estimates for the current year. The NCDEX futures plunged by more than 1% today.
As per market sources, the new arrivals of around 80000-85000 bags were reported in the major mandies of Gujarat with the spot prices of around Rs 3550-3575 per quintal , down Rs 70 per quintal in the last trading.
Moreover, strong production estimates in the current year also added stockiest liquidation at higher levels. The latest release from Central Organisation for Oil Industry & Trade (COOIT) , the total production of castor seed in the current year is estimated at 16.20 lakh tonnes, up 4.30 lakh tonnes from the last year . This is mainly due to strong production estimates in Gujarat and Rajasthan. The total production in these states is likely to increase by 41% and 31% to reach 12.20 and 2.10 lakh tonnes respectively in the current year.
Consequently, the future prices of Castor seed NCDEX April Benchmark contract pared Rs 30 per quintal to trade at Rs 3674 per quintal today.
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