In the oil-oilseeds markets across the country, crude palm oil, CPO, soybean oil, groundnut and mustard oil prices closed down last week, while mustard, soybean oilseeds prices improved due to increased demand for domestic oil due to cheapness. Traders said that the price of mustard seeds increased by Rs 100 to Rs 7,600-7,650 per quintal last week from its previous weekend due to slowdown in overseas markets and increased local arrivals. Mustard Dadri oil closed steady at Rs 15,300 per quintal. On the other hand, Mustard Pakki Ghani and Kachchi Ghani oil also closed with losses of Rs 10 each at Rs 2,415-2,490 and Rs 2,465-2,565 per tin (15 kg) respectively.
Traders were seen avoiding trading in new deals as the time of annual closing of accounts neared last week, which fueled the fall. He said that despite the slowdown, there is less availability of groundnut and cottonseed oil in the market. Indigenous oils are still cheaper than imported oils.
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This time the Malaysia Exchange has come down due to the breakdown of CPO and Palmolein oil. At one time the price of CPO and palmolein was probably higher than soybean for the first time which is now again below $ 50-60 per tonne of soybean. There has been a decrease in the price as compared to earlier, but still these prices are more than their normal price.
Despite the recession, the prices of soybean grains and looses increased
Sources said that despite the slowdown in overseas markets last week, soybean grain and soybean loose prices closed with gains of Rs 100 each at Rs 7,525-7,575 and Rs 7,225-7,325 per quintal, respectively. Soybean oil prices declined in the week under review. Soyabean Delhi, Indore and Soyabean Degum prices closed at Rs 16,100, Rs 15,800 and Rs 14,500 per quintal, showing a loss of Rs 400, Rs 200 and Rs 500, respectively.
Price of groundnut grains reduced by Rs 100 to 6,600
Groundnut grain prices declined by Rs 100 to Rs 6,600-6,695 per quintal in the week under review, while groundnut oil Gujarat and groundnut solvent fell by Rs 200 and Rs 15, respectively, to Rs 15,400 per quintal and Rs 2,565-2,755 per tin, respectively. But closed.
CPO price also fell by Rs 500
Crude palm oil (CPO) also declined by Rs 500 to Rs 14,100 per quintal during the weekend under review. The price of Palmolein Delhi also declined by Rs 250 to Rs 15,600 and Palmolein Kandla declined by Rs 200 to Rs 14,350 per quintal. Cottonseed oil also closed at Rs 14,900 per quintal showing a loss of Rs 100.