Govt's new measures pull down commodity prices
Led by palmoline, oil prices experienced a free-fall on the wholesale oils and oilseeds market on restricted offtake after the govt's decision to cut import duty on edible oils and imposition of ban on its exports.
By PTI |
NEW DELHI: Led by palmoline, oil prices experienced a free-fall on the wholesale oils and oilseeds market during the week under review on restricted offtake after the government's decision to cut import duty on edible oils and imposition of ban on its exports.
Traders refrained from enlarging their positions fearing the fresh measures made by the government might create excess stock positions and give a negative impact on prices.
Palmoline (rbd) oil moved down further by Rs 600 a quintal, in speculative trading that the import cut on edible oils might create excess stocks position and reduce prices.
The weakening trend in Malaysia and Chicago, the major centre for trading in palm and soybean oils, further fuelled the falling trend.
Marketmen said an uncertainty prevailed in the market after the government decision and traders were less interested to create fresh positions.
Traders refrained from enlarging their positions fearing the fresh measures made by the government might create excess stock positions and give a negative impact on prices.
Palmoline (rbd) oil moved down further by Rs 600 a quintal, in speculative trading that the import cut on edible oils might create excess stocks position and reduce prices.
The weakening trend in Malaysia and Chicago, the major centre for trading in palm and soybean oils, further fuelled the falling trend.
Marketmen said an uncertainty prevailed in the market after the government decision and traders were less interested to create fresh positions.
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