Mumbai: Edible oil prices improved in the international market as crude oil prices increased. In the past two weeks, prices of both palm and soy oils have increased by almost $25 to $30 per tonne in the international market. Non-food use of edible oils as raw material for bio-diesel, the new market for palm and soya oils, is keeping the anticipated demand strong. Edible oil prices were hoped to be driven mainly by the movement in prices of crude oil, demand from the consumption markets (India, China and EU) and the bio-diesel economics. Palm prices have been increasing at a faster pace compared to soya oil. In the international market, crude palm oil was quoted at $597 per tonne f.o.b. (free on board) higher than soya oil prices at $554 per tonne f.o.b.
Domestic RBD palmolein prices are ruling at Rs 444 per 10 kg, while refined soya oil prices are a tad higher at Rs 451 per 10 kg. Malaysians are determined to take palm rates to Malaysian ringgit (MYR) 2,400 per tonne (currently MYR 2,045 ). Fairly new demand from US imports was around 2 lakh tonnes of palm oil every month due to problems over trans fatty acid in soya oil and for energy purposes too. With the strong boost in ethanol demand, there are expectations of shift in the acreage from soya to corn. Palm and soya oil prices were at a peak for the current oil year at Rs 460 per 10 kg in January 2007.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment