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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

17/05/2004

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

DJ

CATEGORY

HEADLINE

Indian Edible Oil Prices Lower On Global Trends, W
New Delhi, May 14 (Dow Jones) - India's edible oil prices fell in theweek to Friday tracking international prices and low domestic demand."The week was quite volatile with prices rising early in the week butlosing in the later half of the week as international markets turnedweak," said a trader.Traders added the market was currently well-supplied with oils andthere was not much appetite for more buying.The mustardseed arrivals too have slowed down to around 30,000 metrictons a day, but traders said that the arrivals may increase once electionsin India get over."Traditionally, market activities in India get disrupted onceelections loom on the horizon, since many traders may become active inpolitical activities, but after elections mustarseed arrivals may pick upagain," said a trader.India's national elections begun on April 20 and will conclude May 10.They are being conducted in several phases across the country.India's bumper mustardseed crop was harvested in April.Traders said that India's edible oil imports this month may rise toaround 350,000 tons after falling to around 230,000 tons in April.The markets are widely expected to trade flat to lower in the comingweek as soy oil and palm oil are not seen firming up much in theinternational markets.Friday, crude soy oil at Indian ports were $625/ton lower than$636/ton last week. Sunflower oil quoted $655/ton compared with $665/tonlast week.