During the second quarter of 2023, Mustard Oil prices in North America followed a similar trend to the European market. The price initially decreased in the beginning of the quarter and continued to decline until the end of May. However, it saw a significant increase across the United States throughout June, indicating a positive market sentiment for Mustard Oil. The decrease in price was primarily due to high inventories of Mustard Oil in North America and weaker trade momentum, supported by a decrease in imports from exporting countries. Additionally, the surge in domestic inquiries in June and the rise in the US Consumer Price Index further contributed to the optimistic market trend for Mustard Oil in the United States.
In the Asia-Pacific region, Mustard Oil prices consistently dropped until the end of May but showed a significant increase in June. Overall, Mustard Oil prices in the second quarter declined due to weak demand, weakened vegetable oil markets, and falling crude oil prices. Both international and domestic markets experienced low inquiries, resulting in a weaker price trend in India until May. Market participants plan to lower prices on the domestic market to avoid profit losses caused by low demand. However, there was a significant improvement in Mustard Oil prices in June, driven by increased domestic demand from end-users in the cooking, feeding, and food industries. The upward market trend in India was also supported by a moderation in consumer price growth and an increase in groundnut and seed oil prices.
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The Mustard Oil market in Europe ended the second quarter of 2023 on a bearish note, with prices continuing to decline until the end of May. The drop in prices can be attributed to subdued demand, weaker trade activity, and higher stockpiles among merchants. However, as June concluded, prices started to incline across the European market due to increased domestic demand and balanced overall supplies. The German Consumer Price Index also rose in June, indicating a positive demand outlook. Traders anticipated that the demand from the downstream sector would continue to rise, leading them to raise their quotations.
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