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“Castor seed on the the NCDEX has immediate support at 3570 level and resistance at 3680 levels,” said Milan Shah, Research Analyst at Commodity Online.

02 Feb 2013

MUMBAI(Commodity Online): On the NCDEX, castor seed for March delivery is looking bearish for short term until it breaks 3794 level. Due to short covering some buying sentiments is expected for the commodity at current levels.

On India's NCDEX, castor seed for March delivery was trading at Rs.3622, a gain of 0.95 % as of 11.24 AM , Thursday.

“Castor seed on the the NCDEX has immediate support at 3570 level and resistance at 3680 levels,” said Milan Shah, Research Analyst at Commodity Online.

“Over all trend for castor seed is looking negative until it breaks 3794 level in short term. At current levels some buying sentiments is expected for the commodity due to short covering,” he added.

Castor seed output is expected to fall 33.9% for the 2012-13 crop year. So the commodity may remain bearish only for short term.

Acreage of castor seed this year is estimated at at 11.81 lakh ha, down by 11.6 percent year on year basis. For 2012-13 castor seed output is estimated at 10.7 lakh tons, down around 33.9 percent year on year basis, according to traders.

In India, castor seed is grown as kharif crop and its sowing starts in July-August, while the harvesting commences between December & January.


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