Castor Seed fut to decline further in near term: Dani Comm

Dani Commodities has come out with its report on Castor Seed. According to the research firm, traders can initiate selling at around Rs 3530-3540 levels. Supports are likely at Rs 3475-3480 levels in the near term.

Bearish trend might continue in castor seed futures due to fresh arrivals of castor seed in Gujarat mandies. The NCDEX futures pared almost Rs 50 per quintal in the last trading. As per market sources, the fresh arrivals of around 20000-25000 bags of castor seed reported in the major mandies of Gujarat with the price range of Rs 3200-3300 per quintal while around 1000 bags were seen in Andhra Pradesh mandies. However, castor meal export demand was still strong in domestic market. The latest data release by stated that the total exports of castor seed during January was reported at 54,400 tonnes, up 246% from the last year in the same period. The NCDEX March futures pared Rs 50 per quintal to settle at Rs 3504 per quintal in the last trading. The NCDEX futures added 1000 contracts in open interest indicating fresh short positions by traders. Technically, traders can initiate selling around 3530-3540 levels while supports are likely at 3475-3480 levels in the near term. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. To read the full report click on the attachment

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