Global boom in domestic and imported edible oils

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(By commercial representative), Mumbai, Ta. 19 June 2020, Friday

In the Mumbai oilseeds market, various imported edible oils, including palm oil, rose today. On the other hand, prices of groundnut oil and cottonseed oil also rose behind the manufacturing plants.

World market news was also encouraging. The rise in the spot market today triggered a bullish circuit in crude palm oil (CPO) futures in the futures market, market sources said. M

At Lachia, palm oil futures jumped 9 to 105 points today, hitting a three-month high. There, palm product prices rose another થી 10 to ૫ 12.50 today. Chicago soyoil futures were quoted 5 to 20 points higher in the US agricultural market this evening.

Meanwhile, in the Mumbai spot market today, the price of 10 kg of palm oil jumped by Rs 200 to Rs 310 to Rs 215, while the price of crude palm oil (CPO) Kandla jumped by Rs 3. In the futures market, CPOs traded higher at Rs 31.50 in June and traded at Rs 316.50 in the evening, while soyoil's July futures rose to Rs 6.30 in the evening.

In the Mumbai spot market, cingulum oil was quoted at Rs 1,20, cottonseed oil at Rs 4, soybean oil at Rs 5 per kg, refined at Rs 20, sunflower at Rs 20, refined at Rs 5 and mustard at Rs 20. Castor and spot castor prices were also higher. In the Mumbai flour market, the price of cottonseed meal today rose by Rs 200 per tonne to Rs 2,500, while other flours were quiet.

Producers, meanwhile, today quoted a rise in cingulum oil prices by Rs 1,50 and a rise in cotton washes from Rs 310 to Rs 515. According to analysts, rising prices of crude oil in the global market and rising demand from India, China and Europe have led to a rise in global prices of palm oil, soyoil and sunflower oil.

Total palm oil exports from Malaysia are expected to grow by about 4-5 per cent in the first 30 days of June, experts said. There were indications that China's demand in the US market had increased. Sunflower oil prices in the world market today were reported to have risen by about ૫ 15 to ના 20 for July and August deliveries.

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