Wednesday, August 13, 2008

NCDEX Castor Rises - August 13 , 2008

Castor Seed futures are trading higher today, paring yesterday’s steep losses as the strong fundamentals in the commodity came to the rescue of the commodity. A drop in the acreage of the commodity in the ongoing khariff season had boosted the commodity in late July though the first half of August ahs witnessed a dominance of profit booking activities.

The sentiments remained similar yesterday and NCDEX September futures were pulled to a low of Rs 608 – its lowest level in last one month before a rebound of sorts was witnessed in the last few hours of the trade.

The counter continued its recovery in early moves today, pushing up even as traders continued to cut longs in near month. The benchmark futures trade up Rs 0.90 to Rs 613.70 right now, after having surged to a high of Rs 617 earlier in the day. We may expect the recovery to continue ahead of the release of the latest khariff sowing update and some buying can be expected to emerge in the September contract in dips.

No comments: