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Article: Castor oil price sees upward movement on tight Indian supply. (Oils, Fats & Waxes).
- Article from:
- Chemical Market Reporter
- Article date:
- February 10, 2003
- Author:
CopyrightCOPYRIGHT 2003 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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THE CASTOR oil market is feeling the pressure of rising Indian castor oil prices. Spot prices for Indian castor oil have risen dramatically for the past few weeks triggered by reported tight supply outlook for 2003. Trade estimates from India put the overall Indian castor crop this year at 510,000 tons, 30 percent lower from last year's 650,000 tons.
"Castor oil prices ruled at unrealistically and historically low levels over the last 18 months, bottoming at around $490 per ton," says Shvetal Vakil, former general manager of agri-products exports at Mumbai, India-based Hindustan Lever Ltd. (HLL), India's largest castor oil exporter and a subsidiary of Unilever ...