Advances in cottonseed oil and various imported edible oils

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(By commerce representative), Mumbai, Ta. Saturday, June 20, 2020

Prices of various edible oils continued to strengthen in the Mumbai Oilseeds market today. However, new demand was strong today and trade was sluggish, but new sell-offs are also emerging in the market due to shortage of stocks, especially in imported edible oils, short supply situation and encouraging overseas news, analysts said.

Meanwhile, total palm oil exports from Malaysia increased by about 3 to 4 per cent in the first 30 days of this month, according to MSPEC data. In the Mumbai spot market, palm oil was trading at Rs 715 per 10 kg today, while crude palm oil (CPO) Kandla was trading at Rs 4. Peanut oil was trading at Rs 1,50 per kg, while cottonseed oil was quoted at Rs 4, up 10 kg.

The prices of cotton washed rose by Rs 205 to Rs 610, while that of cingulum oil rose by Rs 1,20. In the Mumbai market, soyoil prices were quoted at Rs 500 for digam and Rs 30 for refined, while sunflower prices were quoted at Rs 30 to Rs 3 and refined at Rs 20.

Meanwhile, in the Mumbai spot market today, the price of castor oil was quoted at Rs 610 to Rs 50 per 10 kg, while the spot castor price was quoted at Rs 8,50 per 20 kg. Market sources said the market price was quoted higher amid new export inquiries. Meanwhile, in the Mumbai flour market today, the price of 1 tonne of cottonseed meal, however, stopped rising and fell by Rs 500 to Rs 2,000, while other flours were quiet. In the Mumbai oil market today, the price of rye oil was Rs 70 and that of refined oil was Rs 1,050.

In US agricultural markets, soyoil futures were up 3 points, soybean futures were up 3 points and cotton futures were up 3 points, while soymeal futures were down 19 points. In Malaysia, demand for palm oil from India, China and European countries has increased, but there were also reports of rising palm oil production.


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