Demand for palm oil increased by 1,000 to 1,500 tonnes

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(By representative), Mumbai, 13 May 2020, Wednesday

In the Mumbai oilseeds market, cingulum oil prices were higher today, while prices of various imported edible oils were fluctuating amid bilateral fluctuations. However, edible oil prices were quoted higher in the futures market today.

Meanwhile, according to a report from Delhi, the Center has decided to extend the expiry of the 5 per cent safeguard duty on RBD palm oil and RBD palmolin for another 120 days or from September 4.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil rose by Rs 1,50 today, while manufacturers were bidding Rs 1,200 to Rs 1,20 and 15 kg at Rs 2,50. The prices of cotton washed were Rs 5 to Rs 6. Palm oil prices in the Mumbai market today ranged from Rs 705 to Rs 705. According to market sources, about Rs 1,000 to Rs 1,200 tonnes were traded between Rs 500 and Rs 201.

Meanwhile, crude palm oil (CPO) Kandla was trading at Rs 50, while CPO prices in the futures market rose by about Rs 15 to Rs 305.50 in the evening, while soyoil futures were quoted at Rs 4, up Rs 5. In the Mumbai spot market, soyoil was priced at Rs 30 for digam and Rs 3 to Rs 500 for refined, while sunflower was priced at Rs 4 and refined at Rs 4. The price of mustard was Rs. Meanwhile, castor spot prices fell further by Rs 10 to Rs 515 to Rs 5 today, while Mumbai spot castor prices fell from Rs 3,015 to Rs 4.5 per quintal. New export demand was slow.

Meanwhile, in the Mumbai flour market, the price of 1 tonne of Singkhol rose by Rs 200 to Rs 3,000 today, while the price of sunflower flour rose by Rs 200 to Rs 15,500. However, others remained silent. In Malaysia, meanwhile, palm oil futures rose 3 points today, while palm product prices rose by ૫ 5 to ૫ 2.50. Meanwhile, soyoil futures in Chicago, USA, fell 21 points overnight, after which prices were reported to be in the range of 4-6 points plus in projection this evening.

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