Palm oil prices rose to Rs 800

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(By commerce representative), Mumbai, Ta. 18 June 2020, Thursday

In the Mumbai Oilseeds market, various imported edible oils, including palm oil, rose today, while cingulum oil prices continued to fall. World market news was solid overall. In addition, the market inflows were strong as there was a shortage of refined palm oil in the domestic Mumbai market.

In the Mumbai market, palm oil traded around Rs 5 to Rs 7 a tonne for June and July deliveries of various refineries at various refineries today, while prices of some refineries rose to Rs 500 in the late evening, sources said. However, there were no new trades at Rs 500.

Meanwhile, palm oil prices rose by Rs 5 per 10 kg in the Mumbai spot market today, while crude palm oil (CPO) Kandla rose by Rs 415, while in the futures market, CPO June futures rose by Rs 2.50 and July futures by Rs. 7.30 pm. Soyoil July futures were quoted at Rs 71.50 in the evening.

In the castor futures market, July futures were trading at Rs 5, up by Rs 5 in the evening. In the Mumbai spot market, groundnut oil was trading at Rs 1,50, cottonseed oil at Rs 4, soyoil digam at Rs 4 and refined at Rs 5 to Rs 20, sunflower at Rs 20 and refined at Rs 4 and mustard at Rs 4.

Meanwhile, in the Mumbai spot market, castor oil rose by Rs 10 to Rs 305 to Rs 5 today, while spot castor rose by Rs 20 to Rs 715. New export inquiries appeared in the market. In the Mumbai flour market, soymeal prices were falling again today, while other flours were quiet. Experts said that cotton cultivation in Gujarat has declined and groundnut cultivation has increased.

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