Chandigarh. In Malaysia and Indonesia, the price of edible oils in the country fell by 10 per cent in January due to an 18 per cent drop in the global crude oil prices. In fact, due to the outbreak of Karona virus in China, the supply of palm oil has stopped there, due to which the prices of other oils including soybean, mustard and rice bran oil have come down. In the third quarter of this financial year, there was a sharp jump of 30-40% in their prices. China is the second largest buyer of palm oil after India, but its outbreak has been halted due to the outbreak of the Karona virus.
Nirav Desai, managing partner of GGN Research, said that the outbreak of the Karona virus has reduced demand for China. This has left India the only wholesale buyer in the palm oil market. Due to this, the price in the domestic market has come down by 5-7 percent in the last two weeks. In the third quarter of this financial year, the price of edible oils was increased by 30-40 percent. The main reason for this was the rise in palm oil global prices. However, despite the fall in domestic prices, in January it is priced at Rs 76,500 per ton, which is 42 per cent higher than the previous year. Crude palm oil prices, which have weakened by 6% in the last two weeks, may remain under pressure.
Hi Readers, My Name is Aman Kumar. I’m Author & Admin at Rockford Daily. I’m graduate from Rajasthan University. & my interest in providing latest news update to you. Hope you are enjoying my articles.