Over 2L-ton castor seed in NCDEX approved warehouses in Jan

The National Commodity & Derivatives Exchange Ltd (NCDEX) today said that small traders and market participants have delivered a record quantity of castor seed on the exchange platform in the January 2015 expiry futures contract.
Nearly 300 trade participants have deposited more than 2 lakh tonnes castor seed in NCDEX approved warehouses within 26 days. At its peak, close to 1,000 tonnes of stocks were being unloaded daily in warehouses spread across Gujarat, the exchange said in a statement here.
In view of the very high open interest and possibility of increased deposits of castor seed, the staggered delivery period for the January 2015 contract was advanced by 11 days to December 29, 2014. This was done to encourage more deliveries on the exchange platform and to prevent short squeeze, the release said.

NCDEX used its robust deposit and delivery mechanism to direct the flow of customers to an expanded network of warehouses, minimising waiting times and reducing inventory differences. The logistics team added 50 warehouses in Kadi, Patan, Deesa to raise storage capacity by 2.5 lakh tonnes.
"The proactive approach in arranging additional space in exchange approved warehouses has saved us from major financial losses," said Manoj Agrawal, Director, Shah Leafin Company Pvt Ltd, a trader from Jaipur.
Castor seed stock in the Exchange approved warehouses which was 2.05 lakh MT as on December 19, 2014 increased to over 4.30 lakh MT as on January 19, 2015. This is the highest ever stock of any commodity deposited on the exchange platform. The exchange recorded delivery of over 2.03 lakh MT of castor seed valued at Rs 947 crore in the January 2015 contract.