Fluctuation in Sunflower Oil Price Disturbs the Global Market Sentiments
- 05-Aug-2022 12:42 PM
- Journalist: Jai Sen
Sunflower Oil price is fluctuating worldwide owing to the mixed market sentiments and amount of inventory presence in the global market. The demand from the end-use industries, including food industries and domestic households, has resulted in changes in market dynamics.
In India, sunflower oil prices are falling in the first week of August, supported by a meeting that the food ministry organized for all organizations representing producers and traders of edible oils. They talked about the prospect of significantly lowering cooking oil's retail costs in light of recent drops in the prices of these commodities on a global scale. There is still room for additional decreases in the retail pricing of edible oil because the industry must transfer the gains to consumers. Since May, there have been three such gatherings. Particularly since Indonesia, the world's largest exporter of palm oil, lifted a shipping prohibition and increased supplies of sunflower and soy oils, the price of edible oils have fallen globally. According to statistics from the Department of Consumer Affairs, retail prices of edible oils, including mustard, soya, sunflower, and palm oil, have decreased on the domestic market since June. Indian consumers should anticipate lower prices for their cooking oil, which would also help to reduce inflation. After a five-month delay, India, the world's largest importer of edible oils, is anticipated to start receiving its first supplies of sunflower oil from Ukraine in September.
The first week of August saw an increase in the price of sunflower oil in Ukraine. This was caused by the restricted availability of sunflower oil and the tightening of quotations for other vegetable oils. Meanwhile, because sunflower oil is expensive, importers' demand is still relatively low. Additionally, India will likely resume importing sunflower oil from Ukraine when trade tensions relax.
As per ChemAnalyst, the price of Sunflower Oil will fluctuate until further market dynamics stabilize.