Castor Seed has opened lower in the cash markets today today, as the steady supplies in the major cash markets and overall weakness in the oilseeds complex off late had a ripple effect on the commodity. Spot quotes in Disa fell to a one week low of Rs 585 per 20 kg today, down Rs 2.40 from the previous close. The commodity has averaged Rs 591 per 20 kg in December, up 38% on a year on year basis.
Some industrial demand is supporting the castor oil prices but selling pressure seems to hurt the sentiments gravely at the moderate spurts following adequate stocks and steady arrivals. The Central Organisation for Oil Industry and Trade (COOIT) had projected a Kharif oilseeds output of 17.55 MT in its first advance estimate released on September 29. COOIT has pegged castor seed output at 1.07 MT.
Some industrial demand is supporting the castor oil prices but selling pressure seems to hurt the sentiments gravely at the moderate spurts following adequate stocks and steady arrivals. The Central Organisation for Oil Industry and Trade (COOIT) had projected a Kharif oilseeds output of 17.55 MT in its first advance estimate released on September 29. COOIT has pegged castor seed output at 1.07 MT.
No comments:
Post a Comment