Edible Oil Becomes Cheap: Last week, in the oil-oilseeds markets across the country, the prices of almost all oil oilseeds closed with losses. Soybean oilseeds prices improved on modest demand. Last week, trading was restricted due to the annual closing of accounts, leading to a fall in prices. Sources said that the costs of groundnut oil and oilseeds remained at the previous level.
Only groundnut solvent refined declined by Rs 10 per quintal from the previous week. Apart from this, given the beginning of Navratri on Saturday, this decline further increased due to the decrease in domestic and business demand. The future course of business will be known on Monday.
Edible Oil Becomes Cheap
Sources said that despite a slowdown in overseas markets last week due to sluggish demand, soybean grains and soybean loose prices closed at Rs 7,625-7,675 and Rs 7,325-7,425 per quintal, respectively, with gains of Rs 75 each. . In contrast, soybean oil prices declined in the week under review. Soybean Delhi, Indore and Soyabean Degum prices closed at Rs 15,800, Rs 15,600 and Rs 14,400 per quintal, showing a loss of Rs 400, Rs 250 and Rs 200, respectively.
Sources said that while there was a fall in mustard oil and oilseeds due to increased arrivals in the mandis, the CPO and palmolein oil also closed, showing a fall due to weak demand at higher prices and fall in overseas markets. Sources said that the government would have to pay special attention to increasing oil-oilseeds production; only then will the country be self-sufficient. This will save our foreign exchange. At the same time, Gross Domestic Product (GDP) and employment will increase.
In the week under review, groundnut oil-oilseeds prices remained at the previous weekend’s closing price and only groundnut solvent refined declined by Rs 10. Groundnut Solvent prices closed at Rs 2,570-2,760 per tin. Crude palm oil (CPO) also declined by Rs 300 to Rs 13,800 a quintal during the weekend under review due to a fall in Malaysia Exchange and reduced demand at higher prices.