India`s castor oil exports fell by 5.2% on year to 43,516 tn in February - Geojit Financial
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Key Highlights
* India's castor oil exports fell by 5.2% on year to 43,516 tn in February, according to data from Solvent Extractors' Association of India. A year ago, exports were at 45,900 tn. Overall exports during Apr-Feb rose to 602,140 tn from 495,981 tn a year ago.
* Production of castor seed in the country is likely to fall by 2.6% on year to 1.90 mln tn in 2020-21 (Jul-Jun), according to a survey conducted by the Solvent Extractors' Association of India. The production was pegged at 1.95 mln tn last year. The farm ministry has pegged castor seed production at 1.72 mln tn, down from 1.85 mln tn last year.
* India's castor meal exports fell by more than 120% on month from 50,877 tn in January to 22,911 tones, according to data released by the (SEA) Solvent Extractors' Association of India. Moreover, overall export of castor meal during Apr-Feb plunged by 32% on year to 390,284 tn compared to last year during the same period.
* According to the first advance estimates for 2020-21 (Jul-Jun), castor seed output is seen at 1.724 mln tn compared with 1.8 mln tn in the fourth advance estimates for 2019-20, according to the data released by the farm ministry. While, according to traders, crop is seen at 1.5-1.6 mln tn.
* Farmers have sown castor seed across 792,000 ha in 2020-21 (Jul-Jun), down 16% from a year ago.
* According to traders, carryover stocks were seen at around 500,000 tn as on December 2020 against 600,000 tn same period last year.
* According to the first advance estimates for 2020-21 (Jul-Jun), castor seed output is seen at 1.7 mln tn down by 5.6% compared with 1.8 mln tn in the fourth advance estimates for 2019-20, according to the data released by the farm ministry.
Technical chart
Technical view
* Trend is broadly positive. But, it is required to break the resistance of 4990 with volume to continue 4160/4260/4390 levels.
* However, unable to break above the resistance of 4990 could see downside correction towards 4800 levels.
* Meanwhile, weekly RSI (14) is treading at 68 and still have the potential to showcase rallies.
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