Agro Outlook
JEERA
Jeera Mar. futures traded on negative note on Saturday mainly on profit booking for the second successive day after hitting upper circuits earlier in the week and closed 0.10% down. The fundamentals on Jeera is positive due to less production estimate amid less sowing area in the Gujarat, the main Jeera producing state. Jeera futures may trade on mixed to positive note, as there is good demand from exporters as well as retailers and stockists at market prices on anticipation of lesser arrivals in coming month on anticipation of lower production. However, arrival pressure may cap the price rise.
CASTORSEED
Castor seed prices rose by 0.47 per cent on saturday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of fresh demand of the commodity in the major mandies.Castor oil, extracted from castor seed is the largest vegetable oil exported out of India. India is the biggest exporter of castor oil holding about 70 per cent share of the international trade in this commodity followed by China & Brazil.At the NCDEX, castor seed futures for March 2015 contract was trading at Rs. 3,659 per quintal tonnes, up by 0.47 per cent, after opening at Rs. 3,662 against the previous closing price of Rs. 3,650. It touched the intra-day high of Rs. 3,720 till the trading. (At 01.14 PM).
D A I L Y B U Z Z
Jeera Mar. futures traded on negative note on Saturday mainly on profit booking for the second successive day after hitting upper circuits earlier in the week and closed 0.10% down. The fundamentals on Jeera is positive due to less production estimate amid less sowing area in the Gujarat, the main Jeera producing state. Jeera futures may trade on mixed to positive note, as there is good demand from exporters as well as retailers and stockists at market prices on anticipation of lesser arrivals in coming month on anticipation of lower production. However, arrival pressure may cap the price rise.
CASTORSEED
Castor seed prices rose by 0.47 per cent on saturday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of fresh demand of the commodity in the major mandies.Castor oil, extracted from castor seed is the largest vegetable oil exported out of India. India is the biggest exporter of castor oil holding about 70 per cent share of the international trade in this commodity followed by China & Brazil.At the NCDEX, castor seed futures for March 2015 contract was trading at Rs. 3,659 per quintal tonnes, up by 0.47 per cent, after opening at Rs. 3,662 against the previous closing price of Rs. 3,650. It touched the intra-day high of Rs. 3,720 till the trading. (At 01.14 PM).
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