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Steep fall in Mustard seed, Oil Prices as Government Intervenes through Duty Cut

26 Nov 2020 7:29 pm
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NEW DELHI (Commodities control) Mustard seed, oil and oil cake prices have witnessed steep fall in spot markets of producing states. Market sentiments turned bearish after government’s intervention through import duty cut. The oil seed slipped Rs. 70 to Rs. 6050-6055 per quintal in Jaipur. Mustard oil and oil cake also followed seed.


Government’s decision to reduce import duty from 37.5 percent to 27.5 percent caused for steep price fall in mustard seed and oil. Entire vegetable oil complex slipped into red. Edible oils were gaining lately and the government was watching it closely. The government decided to cut duty to cool down edible oil prices.

Mustard seed prices decreased to Rs. 6050-6055 per quintal in Jaipur. Earlier, it was traded at Rs. 6120-6125 per quintal in Jaipur.
Mustard oil fell to Rs. 1206-1207 in Jaipur and 1196-1197 per 10 kg. in adjoining areas. Earlier, the oil was priced at Rs. 1215-1216 in Jaipur and 1205-1206 per 10 kg. in adjoining areas. Mustard oil cake decreased to Rs. 2600-2605 per quintal. Earlier, it was traded at Rs. 2625-2630 per quintal.


Total arrival was 100,000 quintal in across the country. State wise arrival- Rajasthan 50,000, MP 8,000, UP 15,000, HP 7,000, Gujarat 5000 and other states 15,000 bags.


NCDEX also witnessed down trend today. Mustard December contract lost Rs. 124 at Rs. 5815 per quintal. January contract slipped Rs. 123 to settle at Rs. 5766 per quintal. February contract lost Rs. 138 at Rs. 5541 per quintal. April contract down by Rs. 25 to Rs. 5025 per quintal


(By Commoditiescontrol Bureau: +91-22-40015505)


       
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