Edible oil prices retreat: bearish circuit in palm oil futures

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(By commerce representative), Mumbai, Ta. Monday, June 29, 2020

In the Mumbai oil and grease market, prices of various domestic and imported edible oils declined today, while selling in the futures market continued. World market news was also showing softness.

In the Mumbai spot market, there was a new demand today and trades were scattered. In the world market, palm oil futures in Malaysia fell by 3 points, while the projection of soyoil futures in the US Chicago market was reported to be in minus 6 points this evening.

Meanwhile, palm oil prices in the Mumbai spot market today fell below Rs 200 per 10 kg to Rs 5, while crude palm oil (CPO) Kandla fell to Rs 710. CPO futures were trading at Rs 305 in June, Rs 7 in July, soyoil futures in July at Rs 301 and castor July futures at Rs 3 in the evening. Soybean futures for July delivery fell by Rs 5 to Rs 2,50.

In the Mumbai spot market, the price of 10 kg of cingulum oil fell by Rs 1,20, cottonseed oil by Rs 3, soybean oil digam by Rs 20 and refined by Rs 215, sunflower by Rs 20 and refined by Rs 20 and mustard by Rs 20. The spot price of castor oil fell by Rs 5 to Rs 30 to Rs 30 today, while the present castor oil fell by Rs 20 to Rs 2,000. New export inquiries were slow. In the Mumbai flour market, the price of 1 tonne of groundnut fell by Rs 200 to Rs 3,500 today, while the price of soymeal fell by Rs 200 to Rs 30,050, while other flours were quiet.

Meanwhile, manufacturers were quoted at Rs 1,20 per kg for cingulum oil, Rs 2,150 to Rs 2,150 per 15 kg and Rs 7 per kg for washed cotton. Total palm oil exports from Malaysia are expected to grow by about 5 to 20 per cent in June, but total palm oil production there also rose by 15 to 20 per cent in June, experts said.

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