Imposing stock limits will create an artificial shortage of edible oils

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(Gujarat News Office) MUMBAI: Prices of various domestic and imported edible oils witnessed a general decline in the Mumbai Oilseeds market today. Prior to the festivals, there were indications that the central government was pressuring the states to impose stock limits to control prices. Such stock limits have been imposed in Uttar Pradesh and there were indications that other states were also moving in this direction. Such stock limits have been imposed in Uttar Pradesh and there are indications that other states are also moving in this direction. This has also caused panic among the traders in the market.

Amid fears of stock limits, traders are now keeping less goods and this is likely to lead to a shortage of goods at festivals, said Shankarbhai Thackeray, president of the All India Edible Oil Traders Federation.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was quoted at Rs 15 today while cottonseed oil was quoted at Rs 1,215. On the Saurashtra side, there was news that the price of cotton washed was Rs 150 to Rs 18 and that of cingulum oil was Rs 15 and 15 per kg.

Meanwhile, palm oil futures in Malaysia rose by 3, 4, 5 and 6 points in the global market today, while palm product prices were softer by à«« 6 to à«« 2.50. In the Mumbai market, palm oil was priced at Rs 1,200 and crude palm oil CPO Kandla was priced at Rs 1,150. The new demand was winged.

In the futures market, CPO prices rose by Rs 2.50 to Rs 119.50 today, while soyoil futures rose by Rs 3 to Rs 19.50. Soybean futures were up by Rs 50 in Kiev while castor futures were up by Rs 15 to Rs 150 today. However, Mumbai spot castor and castor oil prices rose marginally today.

In the Mumbai spot market today, soyoil was trading at Rs 15 for digam and Rs 1,200 for refined, while sunflower was trading at Rs 150 and refined at Rs 12. Mustard was priced at Rs 120 and refined at Rs 150. In the Mumbai flour market, soymeal flour prices rose by Rs 200 to Rs 50 per tonne and castor flour by Rs 300 per kg, while other flours remained quiet.

At Mundra-Hazira today, various delivery prices of palm oil were quoted at Rs 1,507 to Rs 1,315, soyoil at Rs 15 to Rs 150 and sunflower at Rs 15 to Rs 18. Soybean income was five lakh times higher in Madhya Pradesh today and All India income was 3 lakh 4 thousand times higher and the price in Madhya Pradesh was Rs 600 to 700.

Palm oil production in Malaysia was reported to have declined by 1.50% in the first three days of October. In the US agricultural market, cotton prices rose by 3 points in overnight trade while soybean prices rose by 12 points. Soyoil prices rose 108 points overnight.


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