MUMBAI: Edible oil prices have slid in the physical market over the past one month due to fall in crude palm oil (CPO) prices globally. CPO constitute a major share of India’s edible oil imports which are up by 13% at over 30 lakh tonne for eight months from November 2007 to June 2008 compared to a year ago. The bulk prices of refined palm oil, refine soyabean oil and mustard oil are down between Rs 6 and Rs 8 per kg in the local markets.
According to data provided by the Solvent Extractors Association, the price of imported CPO (ex-Kandla) in local rate is down to Rs 44,000 per tonne from Rs 51,600 on July 1. Crude degummed soyabean oil (ex-Mumbai) is down to Rs 58,500 per tonne from Rs 65,000. Internationally crude palm oil (FOB Indonesia) has dropped to $980 per tonne from $1,145 on July 1, while soya degummed crude is down to $1,333 per tonne from $1,500 on July 1. The global fall in CPO is the follow-up of the falling crude oil price and good palm oil stocks in Malaysia.
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