Mr. Dorab Mistry, Director, Godrej International Ltd., London presented a paper on “Market Outlook 2013 With Special Reference to India”at GAPKI - 8th Indonesian Palm Oil Conference at Bali International ConventionCentre, Nusa Dua, Bali, Indonesia.
India's Kharif oilseed harvest was somewhat affected by drought. India should harvest a Rape-Mustard crop of about 6.5 million tonnes. Overall India's production of vegetable oils should expand for the next oil year mainly on account of a higher mustard crop. The most important point to note is that India started the new Oil Year on 1 November 2012 with record opening stocks (port stocks plus internal pipeline) of 1.65 million tonnes. Indian consumption is also expected to grow at a healthy pace but overall India's imports will be about the same as the current year. Imports for the months of November to April may be somewhat higher than 2012 but in the later half, they will be slightly lower. India will import more palm oil and slightly less soya and sun oils. India finished the Oil Year 2011-12 with record consumption and imports. Imports reached 10.2 million tonnes.
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India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.