Last Updated : 15 October 2012 at 11:50 IST
Castor Seed witnesses upside breakout on fall in acreage
Source :Commodity Online
Castor seed has witnesse a drop in acreage from 11.52 ha in October 2011 to 8.52 lakh ha this year while castormeal exports have registered healthy growth rising 58%. An upside breakout has been witnessed in daily castorseed charts at NCDEX and trend remains positive
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AHMEDABAD (Commodity Online): Castor Seed futures in National Commodity and Derivatives Exchange (NCDEX) has witnessed an upside breakout on fall in acreage and increased exports of castormeal.
Fundamentals:
-A total area of 8.52 lakh hectares is under Castor seed crop this year against 11.52 lakh hectares in the previous year as on 04th October.(Source: Ministry of Agriculture)
-India is the largest producer and exporter of castor seed and its oil, meal. According to the latest data from the Solvent Extractors' Association of India, India's total castormeal exports during April-August were reported at 1.12 lakh tonnes, up 58 per cent from the last year in the same period. Export of castor oil reached 30,963 tonnes for August 2012, against 35,130 tonnes for July.
-The SEA's castor crop survey estimates domestic production at 1.61 million tonnes for the 2011-12 season (October-September), showing a growth of about 30 per cent over the 1.25 million tonnes recorded in 2010-11.
Technical Outlook:-
As seen in the daily charts below, NCDEX Castor Seed Dec has witnessed an upside breakout. Technically, Castor seed prices first witnessed the break of 3840 level and after witnessing some profit booking from that level it continued uptrend on fresh buying which indicates strength in buying.
Outlook:- Positive
Recommendation- Buy Castor Seed NCDEX December near 3850 Sl 3500 Tgt 4650
Holding Period:- 1.5 months
