|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
After continuous rise, prices of oils see sharp fall; caution for traders
|
|
Friday, 29 November, 2024, 08 : 00 AM [IST]
|
|
Ashwani Maindola, New Delhi
|
After the continuous rise in prices of edible oils in the international markets for the last three months, the prices have witnessed a sharp fall.
Shankar Thakkar, president, All India Edible Oil Traders Federation, has informed that palm oil prices fell by more than 8% last week.
He said, "On Friday, Malaysian palm oil futures prices fell, which was the sharpest weekly decline in the last one and a half years. The decline was due to demand concerns and weak prices of competing soybean oil."
He said that the benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange closed down by 132 ringgit, or 2.77%, at 4,640 ringgit ($1,039.19) per metric tonne.
The palm oil contract fell 8.81% this week, marking its second consecutive weekly decline and the biggest weekly drop since April 2023.
And the soybean oil contract fell 1.52% last week, while the palm oil contract fell 1.3%. Soybean oil prices fell by 0.71% on the Chicago Board of Trade.
In September, palm oil producers exported 1.86 million tonne, while shipments to major buyers including India and China fell by more than a third.
Thakkar further said that in view of the continuously falling prices in the international markets, oil traders should buy edible oil with caution. He opined that the level at which the oil prices are, the chances of it increasing are less and the chances of it decreasing are more, therefore it is necessary to trade carefully to avoid losses in this situation.
|
|
|
|
|
|
|
|
|
|