Further Retreat

October 17, 1970 already quoted around Rs 3,640 and December is mentioned around Rs 3,550 per tonne.
Apart from the wide and erratic fluctuations in groundnut oil, the only other important development is in the outlook for castor oil export. Castor oil prices abroad have firmed up very considerably, following the downward revision of the castorseed crop in Brazil to around 2.66 lakh tonnes against 3.80 lakh tonnes in the previous season. The Thailand crop also is reported to be nearly 40 per cent less. The sharp rise in castor oil prices abroad has brought Indian oil very near world parity. Prospects of business with UK and US are rated high. Exports to these countries