Prices of various imported edible oils continue to fall as the domestic dollar depreciates and demand slows down.

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Mumbai, Ta. Wednesday, April 29, 2020

Various domestic edible oils were prevailing in the Mumbai oil-oil market today, while the weather was mild in imported edible oils. However, new trades were scattered in the market today. Meanwhile, world market news showed a slow recovery from lower prices, while imported edible oils remained under pressure as the dollar weakened in the domestic currency market, analysts said.

In the Mumbai spot market, the price of 10 kg of palm oil today fell to Rs 215, while the price of crude palm oil (CPO) Kandla fell to Rs 20. Meanwhile, in the Mumbai market, cingulum oil was priced at Rs 1,50 to Rs 1,20, cottonseed oil at Rs 4, soyoil digam at Rs 20 and refined at Rs 715. The prices of sunflower were quoted at Rs 30, refined at Rs 500 and mustard at Rs 50. In Rajkot, the price of cingulum oil was Rs 1,50 to Rs 1,2, 15 kg was Rs 2,050 to Rs 4,050 and cotton washed was Rs 5 to Rs 20.

Meanwhile, crude palm oil futures fell by Rs 200 this evening, while soyoil futures were trading at Rs 4 amid a slow recovery. In the world market, palm oil futures in Malaysia were up 3 points today, while in the US, Chicago soyoil futures were up 10 points in the projection this evening after rising 31 points overnight. However, soybean and soymeal futures were down 20 to 3 points in the overnight trade.

Against this was the news of New York cotton futures rising 3 points. Meanwhile, castor oil prices rose by Rs 10 per 10 kg in the Mumbai market today, while spot castor prices rose by Rs 20 to Rs 3,50. Meanwhile, cottonseed meal prices rose by Rs 200 per tonne in the Mumbai flour market, while sunflower meal prices fell by Rs 200. Meanwhile, soybean exports from Brazil are expected to increase by 1.2 to 1.3 million tonnes in April, according to global analysts.

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