Growing strength in domestic and imported edible oils

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(By commerce representative), Mumbai, Ta. Monday, June 22, 2020

In the Mumbai oilseeds market, prices of various domestic and imported edible oils were higher today. New sales in the market were slow amid a shortage of spot goods. However, new demand was also winged. Besides, world market news was also showing a softening and as a result, some sections are taking precautionary measures to follow the rally in the Mumbai market, market sources said.

In the global market, palm oil futures in Malaysia fell 15 to 6 points today, while palm product prices were quoted as high as ૨ 2.50 to ૦૦ 2.00. Meanwhile, there were reports of a 12-13 per cent increase in palm oil production in the first 20 days of June.

Meanwhile, palm oil prices rose by Rs 3 per 10 kg in the Mumbai spot market today, while crude palm oil (CPO) Kandla was quoted at Rs 20 higher. Palm oil stocks, especially at the JNPT port in Navi Mumbai, have fallen sharply, leading to a shortage of supplies.

In addition, short supply conditions are also seen at various refineries, experts said. In the Mumbai spot market, the price of cingulum oil rose from Rs 1,50 to Rs 1,20 per kg, while the price of cottonseed rose by Rs 1,2 to Rs 1,50, 15 kg from Rs 2,150 to Rs 4,150 and cotton washed at Rs 1,150. There was news of Rs. 610 to Rs.

In the Mumbai market today, cottonseed oil was trading at Rs 6, soyoil at Rs 305 for digam and Rs 3 for refined, Rs 200 for sunflower and Rs 20 for refined. In the Mumbai spot market, castor and castor prices remained calm today, while in the futures market, the July castor futures were up by Rs 15 to Rs 2.50 in the evening. Crude palm oil (CPO) June futures were up by Rs 5 to Rs 4.50 in the evening, while soyoil's July futures were up by Rs 1.50 to Rs 4.30 in the evening.


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