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Spot Mustard, Oil Fall further as Govt Moves to Curb Prices

26 Oct 2021 3:54 pm
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NEW DELHI, Oct 26 (Commoditiescontrol) - Spot mustard and its oil extended their weakness in Rajasthan and other producing states on Tuesday as various steps have been taken by the government to curb rising edible oil prices. However, there is an upward trend in the price of meal. On the other hand, the edible oil complex including mustard traded higher in futures trading tracking firmness globally.

Today in Jaipur, 42 percent condition mustard is being sold at the rate of Rs 8500-8525 per quintal (GST exclusive). Whereas in the last session, mustard was sold in Jaipur at Rs 8525-8550 per quintal (exclusive of GST). The arrival of mustard in the mandis across the country stood at 1.60 lakh bags (80 kg per bag), unchanged from Monday.

Palm oil for October delivery at Kandla Port rose from $1405 to $1415 a tonne. Soyoil Degum for October delivery increased from $1478 to $1499 a tonne. Crude palm oil is being sold at Kandla port in Indian rupees at Rs 1145 and soyoil Degum at Rs 1255 per ten kg. Whereas in the last trading session, crude palm oil was sold at the port at Rs 1135 and soyoil Degum at Rs 1250 per ten kg.

There is a slight increase in the November contract of mustard on the NCDEX. Globally, Malaysian BMD palm oil along with Dalian palm oil and soyoil climbed today. CBOT soyoil also traded firm in electronic trading. Edible oils are gaining strength in the overseas markets mainly due to supply concerns.

But there is pressure on mustard complex in the domestic market. The Centre held discussions with the officials of the states a day before to strictly implement the new restrictions to bring down the price of edible oils. It is clear from this that the government is continuously active in curbing the rising prices of edible oils. Normally, mustard is generally on the rise these days due to its peak consumption. But due to the intervention of the government, buyers are apprehensive about the uptrend. Because of this, the plants and other buyers are not taking interest.

Mustard oil is being sold at Rs 1707-1708 in Jaipur and Rs 1697-1598 per ten kg in other mandis. Whereas in the last session, mustard oil was sold at Rs 1717-1718 in Jaipur and Rs 1707-1708 per ten kg in other mandis. Mustard meal is being sold at Rs 3200-3225 per quintal. Whereas last day mustard meal was sold at Rs 3175-3200.

The arrival of mustard stood at 1.60 lakh bags across the country. Mustard arrival was 70 thousand bags in Rajasthan, 10 thousand bags in Madhya Pradesh, 25 thousand bags in Uttar Pradesh, 10 thousand bags in Himachal Pradesh, 5 thousand bags in Gujarat and 40 thousand bags in other states.

At National Commodity and Derivatives Exchange (NCDEX), the benchmark November contract of mustard rose by Rs 3 to Rs 8370.

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


       
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