Too Many Uncontrollables

and at its last week's high of Rs 4,500 per tonne, the spot quotation stood only Rs 150 below the highest rate touched so far this season. The recovery in oilseeds (rabi crop) futures has also been impressive. Castor futures which had been marked down to Rs 134.50 (per quintal) have recovered to Rs 144.50 and linseed futures have rallied from Rs 149 to Rs 158; the latest quotations are about Rs 2 to Rs 3 a quintal lower. While the rally in futures can be treated as only a technical correction of the preceding steep decline, the improved tendency in groundnut oil seems to reflect the impact of steady off-take in the face of reduced offerings; the marketing season for groundnut has now passed its peak and the market seems to have absorbed the impact of credit curbs.