Profit booking was seen in castorseed futures in the last week on the back of weak export demand of castormeal along with fresh arrivals in local mandies. The NCDEX castor seed futures down 0.40% in the last week.
As per the latest release from by SEA of India, the exports of castor meal during the January 2014 reported strong decline of over 94% to 0.03 lakh tonnes against 0.54 lakh tonnes of the previous year. This was mainly due to limited exporters demand at higher levels.
The prices were also daunted by fresh supplies in major mandies. As per market sources, fresh daily arrivals of around 15-18 thousand bags have been reported in the major mandies of Gujarat with the price range of Rs 3650-3700 per quintal, down Rs 80 per quintal in the last week.while Andhra Pradesh mandies have reported the daily new arrivals of 4-5 thousand bags with the price range of Rs 3400-3500 per quintal, down almost Rs 45-50 per quintal in the previous week.
The NCDEX Castor seed March delivery settled at Rs 4156 per quintal , down 0.40% in last week. The NCDEX futures added 33% indicating fresh short position by traders