Edible oil manufacturers, including Adani Wilmar, Emami Agrotech, and Ruchi Soya, on Thursday, “In principle agreed to cut prices further” in a meeting with the food ministry officials here, sources said. Landed prices of these items have seen a steady fall in recent weeks. Since May, the global price of palm oil has been declining after Indonesia,…
Palm oil continued in a downward direction with its prices dropping to a near 13-month low as leading producers, Malaysia and Indonesia struggled with rising production amidst low export demand. On Bursa Malaysia Derivative Exchange, crude palm oil for delivery in October ruled at 3,646 Malaysian ringgit (MYR) a tonne ($818.68), the lowest since June…
Crude palm oil prices, which hit a record high of Malaysian ringgit 7,268 (₹1,30,824) a tonne on March 9, have decreased by half of it’s high price in four months on the back of changing oil market dynamics. Indonesia, the major producer, and exporter, lifted its export ban within three weeks of imposing it in…
Edible oil prices may decrease in the domestic market soon, helping to cool food inflation and lessen the pressure on household budgets. Following an order from the food ministry to cut prices by Rs 10-12/liter in view of the decline in global prices and the recent import tax cuts, major producers, including Adani Wilmar and…
Palm oil prices resumed their downward direction on Wednesday after having gained on the first two days of the week following the suspension of production by some Malaysian producers. The edible oil also gained as soyabean oil prices increased on the Chicago Board of Trade during the weekend. However, the downward pressure on palm oil,…
Coconut oil manufacturers are doubtful about a rally in prices, at least in the short term, at a time when rival edible oils are moving high. The excess production in the growing regions for the fall, thanks to good climatic conditions in the last two harvest seasons. The industry people expect the current harvest also…
Consumers should stay themselves for difficult times ahead, as Indonesia- India’s major source of palm oil imports banned exports of all edible oil raw materials on Friday to ease domestic insufficiency. India imports as much as half of its demand of 8.3 mt palm oil from Indonesia. This is expected to shoot up prices in…
The Solvent Extractors Association of India (SEA) hopes that Sunflower oil imports may fall to 80,000 tonnes in April as against 212,000 tonnes in last month. “India had imported nearly 127,000 tonnes of sunflower oil from Ukraine, 73,500 tonnes from Russia and 11,900 tonnes from Argentina. These Consignments had left for India before the conflict…
