Castorseed unlikely to rise further

COMMODITY SPIKES

The commodity has already reached the resistance level of Rs 540 per 10 kg and has little room to rise further, said an analyst. Meanwhile, castor oil exports have resumed after the Centre issued a clarification recently regarding the confusion about castor seed oil exports.

The Customs department had stopped castor oil exports on the commerce ministry's decision to ban the export of all edible oil. Castor oil is a non-edible oil and outside the purview of the ban.

 

In the first two months of the current financial year, India exported 19,150 tonnes of castor seed extraction against 73,200 tonnes in the corresponding period last year through Kandla port.

India annually exports around 200,000 tonnes of castor oil. The country's edible oil marketing year runs from November to October. International buyers are willing to buy British Standard Specification castor oil at $1,450 (Rs 58,000) per tonne on free-on-board basis.