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Article: Castor Oil Prices Moving Up As Supplies Turn Critically Tight
- Article from:
- Chemical Market Reporter
- Article date:
- August 3, 1998
- Author:
CopyrightCOPYRIGHT 1998 Schnell Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AN UNUSUALLY VOLATILE castor oil market is going through a major supply squeeze and prices are skyrocketing. Poor weather and increased demand in countries that formerly exported the oil are putting greater pressure on India, which supplies virtually all of the world's castor oil.
Within the past month, the oil's price has shot up by $400 per metric ton in India, and dealers warn that the market could be hammered by similar increases until supplies stabilize or demand eases.
In early June, a cyclone hit Kandla, from where most of the oil is exported, crippling the port and its storage facilities. Restoration is underway and the port is now partially ...