Edible oil prices softened on falling global crude oil prices

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Mumbai, Ta. 27 April 2020, Monday

In the Mumbai oilseeds market, trade was sluggish today due to lack of new demand and spot prices were quoted lower. The futures market was also selling out. World market news also showed a decline. The fall in global crude oil prices has had an impact on global edible oil prices today.

In the Mumbai spot market, prices of 10 kg of palm oil fell by Rs 30 to Rs 5, cingulum oil by Rs 1,50 to Rs 1,50, cottonseed oil by Rs 4, soyoil digam by Rs 20 to Rs 5 and refined oil by Rs 20. Sunflower prices were down by Rs 30, refined by Rs 305, mustard by Rs 20 and crude palm oil (CPO) by Rs 8. In the futures market, CPO prices were quoted at Rs 203.10 and soyoil at Rs 4 in the evening.

In Rajkot, cingulum oil fell by Rs 1,20 and cotton washed by Rs 50. In the global market, palm oil futures in Malaysia fell by 9 points today, while in the US, Chicago soyoil futures were in the projection of 15 to 18 points in the projection this evening.

Meanwhile, exports of sunflower from Ukraine have increased by 5 per cent to 5-6 lakh tonnes so far this year, experts said. In Malaysia, palm oil production was reported to have increased by about 4 to 5 per cent in the first three days of this month. Soybean imports to China, meanwhile, fell 15 per cent to a five-year low in March.

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