Oil price
Last week, foreign markets, especially the Malaysia Exchange, showed strength, but despite the festival season in India, the demand was low due to poor business sentiments in the oil-oil-oil market. Due to this, the prices of all oil-stuffs closed with a decline. The prices of mustard, peanuts, soybean oil-oil, raw palm oil (CPO), pamoline and cottonseed oil closed with losses.
Market sources said that the Malaysia Exchange was constantly strengthened last week, where the prices of palm and pamoline are being spoken due to betting. The condition is that the prices of pamoline oil have become stronger than soybean, while the demand for palm-pamroline decreases in the winter season because this oil freezes in the cold. The price of palm-pamroline declined due to low demand.
Sources said that the price of mustard oil is much higher than imported edible oils, due to which its demand is less. Consumers mostly use refined oil in the festival season, so mustard demand decreases slightly. But this time the demand of mustard is expensive, demand is not increasing as expected. Mustard sowing is also going to start around Diwali. In these circumstances, the price of mustard oil-oilseeds saw a fall in the price. He told that the mustard crop is with the farmers and stockists.
The sale of mustard from the stockists deteriorated the mood of the market and the prices of all the oil-stars came under pressure. The sources said that almost all edible oils, especially mustard oil, have broken Rs 20-22 per kg in the last two months. But the interesting thing is that there is no effect of this decline on retail prices. Prices in the retail market are the same. Why the decline of wholesale price is not affecting retail, it is a matter of concern.
Last week, the government increased the import duty value of edible oils, including CPO's duty value increased by Rs 41 per quintal, Pamoline by Rs 107 per quintal and soybean Deg oil increased by Rs 21 per quintal. Also, the minimum support price (MSP) of oilseeds of upcoming rabi crops was also increased. He said that the rupee also became very weak against the US dollar last week and reached close to its lowest level, which made import expensive. Due to the weak demand of exports, peanut oil-oilseeds also saw a decline. The price of soybean oil-oilseeds also fell due to poor market business sentiment. Soybean oil is the cheapest among edible oils. According to the market sentiment, the price of cottonseed oil also declined.
These days the arrival of cottonseed oil is also increasing gradually. Last week, mustard seeds fell by Rs 50 to Rs 7,000-7,050 per quintal, mustard dadri oil fell by Rs 400 to Rs 14,550 per quintal, mustard paved and raw condensed oil fell by Rs 60-60 to Rs 2,455-2,5555 and Rs 2,455-2,590 per tin (15 kg). Last week, the wholesale price of soybean grains and soybean loose fell by Rs 25-25 to Rs 4,575-4,625 and Rs 4,275-4,375 per quintal respectively. Similarly, soybean Delhi oil dropped by Rs 100 to Rs 13,350, Soybean Indore oil fell by Rs 13,050 and soybean demigm oil fell by Rs 125 to Rs 10,150 per quintal. The price of peanut oil-oilseeds also closed with a loss.
Peanut oilseeds fell by Rs 75 to Rs 5,300-5,675, peanut oil, Gujarat's wholesale price fell by Rs 100 to Rs 12,900 quintal and peanut salvent refined oil closed at Rs 2,120-2,420 per tin. Last week, CPO oil fell by Rs 25 to Rs 11,725 per quintal, Pamoline Delhi fell by Rs 150 to Rs 13,350 per quintal and Pamoline X Kandla oil fell by Rs 100 to Rs 12,300 per quintal. According to the market sentiment, cottonseed oil fell by Rs 150 to close at Rs 12,400 per quintal.
