The lack of demand and purchase of mustard and oil in the domestic market has resulted in the price declining for a third consecutive day on Saturday.
Current Scenario
In Jaipur, the price for the commodity declined by $0,03 per kg to $0,89 per kg from $0,90 per kg.
The daily arrival of mustard in spot markets across the country is now about 300 thousand sacks on Saturday. Out of which, 150 thousand arrived in Rajasthan, 15 thousand in Madhya Pradesh, 50 thousand in Uttar Pradesh, 35 thousand in Haryana and Punjab, and 10 thousand in Gujarat, and the rest 40 thousand in other spots markets.
According to traders, the mustard will not move further south than the current price. However, the foreign market will determine the price increase for mustard and how edible oil performs there.
The other factor determining the price is how the monsoon affects the edible oil prices in different states.
According to experts, domestic demand for edible oils is expected to increase in July.
Malaysian palm oil price has decreased, and there is now a new boost for the export of palm crude oil by Indonesia. It can impact the cost of mustard oil, but no such activity has been seen.
On the other hand, the rate of condition mustard in Agra was $0,96 per kg; in Kolkata, it was $0,92 per kg; in Kanpur, it was $0,88; and in the non-Kolkata, prices fell to $0,87 per kg.
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