Singtel declines sharply: Palm oil rises: 700-800 tonnes traded: Futures market takes a bullish circuit

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(By commerce representative), Mumbai, May 27, 2020, Wednesday

The weather was mixed at the Mumbai Oilseeds Market today. Singtel prices fell sharply behind the scenes, while prices of various imported edible oils, including palm oil, rose sharply behind the world market. Palm oil futures in Malaysia rose 105 points today, while there was news that the price of palm products rose by થી 12.50 to 15 15.00.

There were reports of increased demand from China and India, with palm oil exports rising by about 5 to 10 per cent in the first 25 days of this month. Sources in the futures market said that the rise in futures prices on the back of the domestic market for palm oil has led to a bullish circuit.

Meanwhile, in the Mumbai spot market today, the price of cingulum oil fell by Rs 1,400 per 10 kg to Rs 1,380 to Rs 1,390 per kg, while the price of cingulum oil was Rs 1,325 per kg and that of cotton washed at Rs 770 to Rs 773 per kg. Experts were hoping for a big new summer peanut crop.

Palm oil prices were quoted at Rs 720 to Rs 725 in the Mumbai market today, while 700 to 800 tonnes were traded at Rs 720 to Rs 722 for June delivery. There was talk that some refineries had increased the price of ready delivery to Rs 730. Crude palm oil (CPO) Kandla was quoted at Rs 650 to Rs 652, while June futures traded higher at Rs 638.90 in the evening trade. Prices took a bullish circuit. Soyoil futures were quoted at Rs 785.40 in the evening trade.

Meanwhile, in the Mumbai market, soyoil prices were quoted at Rs 760 for Digam and Rs 795 to Rs 800 for refined, Rs 860 for sunflower and Rs 910 for refined, Rs 810 for cottonseed oil and Rs 910 for mustard. Castor futures traded lower by Rs 30 to Rs 3,550 this evening. In the Mumbai flour market today, the price of 1 tonne of soymeal rose by about Rs 300 to Rs 33,600, while other flours were quiet. Meanwhile, soybean futures, soyoil futures and cotton futures rose 136, 63 and 62 points, respectively, in the US market.

According to Brazilian news, an employee at one of the ports there had received news of a new export of soybeans from this port.

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