Bearish trend continued in castor seed futures on the account of strong production estimates in the current year along with fresh supplies in the major mandies. The NCDEX futures declined slumped by 0.30 percent today.
The market sources suggested that castor seed production is likely to reach 13-14 lakh tonnes in the current year on the account of strong production in Gujarat and Rajasthan. The spot and futures were also pressurized by strong arrivals in local mandies. Traders stated that total arrivals of around 34-40 lakh bags have been reported in major mandies of Gujarat and Rajasthan.
The NCDEX May futures declined by 0.30 percent today to close at Rs 3650 per quintal. The NCDEX futures added 0.84 percent in open interest indicating short position by traders.
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