Decline in domestic and imported edible oils due to rising prices

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(By commerce representative), Mumbai, Ta. 24 June 2020, Wednesday

In the Mumbai oilseeds market, prices of various domestic and imported edible oils were on a downward trend today. New demand was slow and world market news was catching up.

The house was going to sell a lucrative mindset with a high head. Below the spot market, falling prices in the futures market, especially in palm oil futures, have led to a bearish circuit, futures market sources said.

In the Mumbai spot market, 10 kg of palm oil was quoted at Rs 5 to Rs 20 today, while crude palm oil (CPO) Kandla was quoted at Rs 5. In the futures market, CPO June futures were trading at Rs 319.50 this evening, while soyoil's July futures were down at Rs 316.50.

Meanwhile, palm oil futures in Malaysia fell 61 points in global trade today, as palm oil prices fell by 2.50 to ૦૦ 2.00. Meanwhile, in the Mumbai spot market today, the price of cingulum oil fell by Rs 1,20 per 10 kg, cottonseed oil by Rs 20, soybean oil by Rs 4 to Rs 5 and refined by Rs 5 to Rs 20, sunflower by Rs 500 and refined by Rs 20, mustard by Rs. Declining Rs 30 to Rs 3 were quoted.

The prices of washed cotton were reported by manufacturers at Rs 8 to Rs 500, cingulum oil at Rs 1,5 to Rs 1,50 and 15 kg at Rs 2,150 to Rs 4,150. In the Mumbai spot market, however, castor oil prices rose further by Rs 11 to Rs 4 to Rs 4 today, while spot castor rose by Rs 4.5 to Rs 2,050. The market saw new export inquiries.

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