Decline in edible oils behind crude

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Mumbai, Ta. 15 June 2020, Monday

In the Mumbai Oilseeds market today, prices of various imported edible oils, led by palm oil, were on a downward trend in the spot and futures markets, while domestic edible oils were on a downward spiral. The news in the world market was also disappointing. In the global market, palm oil futures fell by 3 points in Malaysia today, while palm product prices were quoted at ૫ 6 to ૫ 13.50. In the US, Chicago soyoil futures were projected to be minus 20 points in the projection this evening.

Meanwhile, in the Mumbai spot market, the price of 10 kg of palm oil was quoted at Rs 6 to Rs 8 today and these prices are also pushing up new demand, market sources said.

Meanwhile, crude palm oil (CPO) Kandla was quoted at Rs 205 and CPO prices were under pressure in the futures market. Meanwhile, soyoil futures fell by Rs 10 to Rs 15 this evening, hovering around Rs 205. In the Mumbai spot market, peanut oil is priced at Rs 1,20 per 10 kg, cottonseed oil at Rs 20, soyoil digam at Rs 20 and refined at Rs 2, sunflower at Rs 20 and refined at Rs 20, mustard at Rs 20 and refined at Rs 1. 000 and Coparel's price was around Rs. 1,50 per 10 kg.

Meanwhile, in the Mumbai spot market, castor oil fell by Rs 5 to Rs 715 today, while spot castor fell by Rs 10 to Rs 20. In the castor futures market, July futures fell by Rs 15 to Rs 5 this evening. In the Mumbai flour market, the price of 1 tonne of soymeal was quoted at Rs 31,405, down from Rs 31,315, while other flour was quiet.

The fall in global crude oil prices has had a knock-on effect on global edible oil prices today, analysts said.

However, total palm oil exports from Malaysia increased by about 20-2 per cent in the first 15 days of June, experts said. Meanwhile, domestic producers today reported that the price of cingulum oil was Rs 1.2 and that of cotton washed was Rs 50 to Rs 7.

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