Soyabean oilseeds, Soyabean degum oil, CPO, cottonseed and Palmolein oil prices closed lower on Tuesday as demand hit in Delhi oil-oilseeds market amid a declining trend in overseas markets.
On the other hand, mustard oil – oilseeds prices improved due to demand release, while groundnut oil – oilseeds and soybean Delhi and soybean Indore oil prices remained at the previous level. Traders said the Malaysia Exchange is currently trading lower while the Chicago Exchange is down around 0.2 per cent.
Sporadic arrival of new crop started
Sources said that sporadic arrivals of the new soybean crop have started in Maharashtra’s Latur and Madhya Pradesh. Oil processing companies are buying less now as they are confident of further fall in prices. On the other hand, there was a slight improvement in the prices of mustard oil and oilseeds due to normal demand.
Cottonseed oil prices also declined due to the arrival of new cottonseed crop. Sources said that due to the government’s decision to allow duty-free import of a certain quantity of sunflower oil, there has been a ‘short supply’ situation in the market and their prices have gone up.
In such a situation, arrangements should be made to levy import duty on them by withdrawing the concession given to the processors selling these oils expensive. The intention of the government to import duty free was to give relief to the consumers and not to make them expensive. In such a situation, selling duty exempt oil expensive by the processors is illegitimate.
Prices of oil and oilseeds remained as follows on Tuesday
Mustard oilseeds – Rs 6,730-6,780 (42 per cent condition rate) per quintal. Groundnut – Rs 7,170-7235 per quintal. Groundnut Oil Mill Delivery (Gujarat) – Rs 16,750 per quintal. Groundnut Solvent Refined Oil Rs 2,745 – Rs 2,935 per tin. Mustard oil Dadri – Rs 13,500 per quintal. Sarson Pakki Ghani – Rs 2,140-2,230 per tin.
Sarson Kachchi Ghani – Rs 2,170-2,285 per tin. Sesame Oil Mill Delivery – Rs 18,000-19,500 per quintal. Soyabean Oil Mill Delivery Delhi – Rs 12,400 per quintal. Soybean Mill Delivery Indore – Rs 12,250 per quintal. Soyabean Oil Degum, Kandla – Rs 10,850 per quintal.
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