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New Delhi (Commoditiescontrol) - Mustard oil rally is likely to continue in near term. Major oil millers have held their stocks of mustard in anticipation of more upward movement in prices., said Devi Prasad Khandelia, former President Solvent Extractors Association (SEA).
Small mills don't have stocks and these mills are at the verge of shut down as the the millers hardly manage to make any profit margin, he added. According to Khandelia, mustard oil prices may rise nearly Rs. 400-500/100kg. SEA has estimated mustard seed production in the contry at 58 lakh tonnes in 2015-16 but this may fall to 52-53 lakh tonnes, as per his estimates.
Dharmveer Garg, a trader from Hisar in Haryana considers that rally in mustard oil is, in fact, influenced by the speculators. Some big oil companies are instrumental to fan a rally in mustard oil, that is the reason demand is consistently seen in the market, he added.
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