In the category of oil, the following are the prime listed in the commodities market and are traded on a regular basis. Following that is a profile on some of them.
-Crude Palm Oil
-Mustard or Rapeseed Oil
-Refined Sunflower Oil
-Rice Bran Refined Oil
Castor oil is commonly is utilized in the form of a raw material to manufacture chemicals that are used in the following:
-Personal care products
India is considered the leading castor oil manufacturing nation in the world. The Indian castor plantation yields up to 48 per cent oil, and its annual production varies between 2.5-3.5 Lakh tons. The estimated yearly consumption of castor oil in the country itself amounts to about 80,000-1,00,000 tons. The country is said to exports approximately 2.0 – 2.4 Lakh tons of castor oil, annually.
Mustard or Rapeseed Oil
According to estimates the country produces approximately 1-2 Million tons of mustard or rapeseed oil. In fact, in this type of oil and oilseeds India seems to be comfortably seated in the areas of self-sufficiency. It neither imports, nor exports this oil. However, the production of this oil varies according to the weather conditions.
India is known to produce approximately1 Million ton of soy oil, annually. However, to meet its demand requirements the nation imports approximately 1.5 Million tons of this oil. The price fluctuations of soy oil are highly volatile and are largely dependent on the global trends.
In the commodities market, usually oil and oilseeds are clubbed together. For this reason, here is a list of the oilseeds that are listed for commodity trading, followed by a profile of some of them.
The essential oilseeds listed are:
-Mustard Seed (Sirsa)
Apart from castor oil production, the country also heads the list in global producers. The nation produces an approximate of 6 to 9 Lakh tons of castor seeds, annually. It said to export about 50,000 – 60,000 tons of castor seed extractions and in the range of 15,000 – 20,000 tons of castor seed, per annum.
Amongst all the oilseeds produced in India, cottonseed is considered the oldest and most traditional According to the experts approximately 80 per cent of the cottonseed is surplus production, after being used to make the cotton bales, and is crushed to make oil. The 20 per cent that remains is used cattle fodder