MUMBAI (Commodity Online): India's castor seed production for 2011-12 is expected to rise to around 16.19 lakh tons (1.6 million tons) from 8.6 lakh tons (0.8 million tons) on higher crop acreage, according to Solvent Extractors Association of India.
The crop acreage rose to 11.5 lakh hectares in 2011-12 from 8.6 lakh hectare the previous year. Castor oil is one of the important raw material for industries like soap, surface coatings, cosmetics, pharmaceuticals, perfumes, greases and lubricants.
India accounts for 65% of the global castor seed production and 51% of the castor oil production. Out of this, 75% of the oil is exported to US, Europe and Japan.
As the demand for the commodity is high in the global market due to its industrial importance, the commodity in India's National Commodity and Derivative Exchange (NCDEX), for March delivery rose 11.22% to Rs 3925 in February till date (21st Feb).
In NCDEX, the castor seed traded up 0.34% to Rs 3939.5 per qtl on 22st February at 12:03 IST.
