EPIC RESEARCH NCDEX CASTOR SEED UPDATE OF 18 MAY 2015

Bullish trend is likely to continue in castor seed on the back of receding arrivals in local mandies coupled with strong offtake by meal exporters . The NCDEX June futures to test 3890-3895 levels in the near term.

The market sources suggested that daily arrivals have been reduced from 40 lakh bags to 20-25 lakh bags in local mandies on the account of restricted selling by farmers at lower levels. Therefore, weak supplies will support the prices in the near term.

The NCDEX June futures closed at Rs 3865 per quintal, up 0.29 percent in the last month. The NCDEX futures reduced 2.14 percent in open interest indicating short covering by traders. Technically, buying is likely to emerge from the level of 3840-3845 levels with the upside target of 3890-3895 levels in the near term.

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