Castor seed updates

Advisory Data:-

Castor seed futures are likely to gather some buying from lower levels due to strong export demand of castor seed oil cake along with withdrawal of special margin by exchanges. The NCDEX futures swelled by almost 3% in the last trading.
Strong export demand of castor oilseed cake in the domestic market might provide some supports to the prices in the near term. As per the latest release from Solvent Extractors' Association of India, India's total castormeal exports during the April-August 2012 have been reported at 1.12 lakh tonnes, up 58% from the last year in the same period. Technically, the NCDEX futures are likely to witness some supports at around Rs 3550-3560 per quintal while resistances are likely at Rs 3680-3720 per quintal.

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