Increase in Mustard Oil Purchases Pushes Prices Up in Key Indian Markets
Due to an increase in purchases by oil mills, mustard prices improved in the domestic market on Wednesday. In Jaipur, the price of condition mustard increased by ₹25, reaching ₹7,325 per quintal. Most branded oil mills raised their purchase prices of mustard by ₹25 to ₹50 per quintal in the evening session. In the global market, food oil prices softened during the evening session. Malaysian palm oil prices ended lower, while soy oil prices in Chicago also declined. According to experts, Malaysian palm oil futures closed with a slight decrease on Wednesday, as the morning's gains could not hold. It is anticipated that palm oil stocks will increase by the end of November, which is likely to put pressure on prices. In the domestic market, the price of mustard oil has become stronger after being stable. Experts believe that due to the consumption season, the domestic demand for food oils is expected to remain steady. However, the price movement in the spot market for mustard oil will largely depend on the prices of imported edible oils. In Kolkata, the price of cold-pressed mustard oil increased to ₹1,553 per 10 kg. In Adamapur, the price of cold-pressed mustard oil rose to ₹1,475 to ₹1,480 per 10 kg. In Adamapur, the price of expeller-pressed mustard oil also increased to ₹1,445 to ₹1,450 per 10 kg. In Bharatpur, the price of cold-pressed mustard oil remained stable at ₹1,465 to ₹1,470 per 10 kg. In the Charkhi Dadri market, the price of mustard cake remained stable at ₹2,750 per quintal, while in Jaipur, the price increased to ₹2,850 per quintal. In Niwai, the price of mustard remained stable at ₹2,775 per quintal. During this period, the price of mustard cake in Tonk increased to ₹2,765 per quintal.