Spot price is seen in a narrow range, hovering around Rs 325-328 per 20 kg. Daily arrivals are reported around 15,000 bags a day. Arrivals will increase to 30,000-45,000 bags by end of the year, traders said

Castorseed arrivals are increasing. Crop estimate has been revised to 80 lakh bags from earlier 70 lakh bales. With the carry- over of 10 lakh bales, the season may end up with 90 bags as on January 1, 2000, making output almost on par compared to last year.

According to a leading exporter, exports deals are stray as Indian exporters and overseas buyers both are playing hard bargain.

Overseas buyers are bidding around $850 a tonne, while Indian exporters are offering around $890-900 FOB. At current prices, exports is not viable below 880 level. Forward market remained almost dull. Most of the deals were done on theready or spot basis only, he added.

After testing a low of Rs 1,640, the December futures rose to Rs 1,670 on Saturday. The Rs 1,640 is seen as good support. The price receded to Rs 1,640 from the contract high of Rs 2,200, a fall of Rs 600 a quintal. Spot prices also fell by almost same amount.

So far as technical is concerned, the momentum indicators are indicating a brief rally. MACD turned positive. Parabolic SAR also indicates a rally. Price may test Rs 1,735, which is a major resistance. 14- day RSI is hovering in the neutral zone.

The technical structure of spot prices seems more positive than futures. As the prices, Rs 325 is seen as a good support. Though the long- term support is seen at Rs 282, price may support around Rs 325. A test of Rs 346 is likely.

Upward penetration of which would confirm trend reversal for the short and medium term.

In the chart of spot seed, MACD turned positive in the daily.If price fall to Rs 320, the technical structure became bearish. Strong resistance isseen at Rs 346.