A further downturn in cingulum oil, against a rebound in palm oil

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(By commerce representative), Mumbai, Ta. 14 July 2020, Tuesday

In the Mumbai oilseeds market, the price of cingulum oil continued to decline behind the establishments today, while imported palm oil prices rose behind the world market. According to market sources, palm oil traded higher in the range of Rs 8-50 to around Rs 1,000-1,500 a tonne today on increased demand for various August deliveries. Meanwhile, experts said the government is likely to increase the tariff value used as a benchmark to calculate the import duty on various edible oils imported into the country by about થી 10 to અને 2, and market players were keeping an eye on the announcement.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was quoted at Rs 1,600, while the manufacturers were quoted at Rs 1,20 and Rs 1,20 to Rs 1,20 per 15 kg. In Mumbai, palm oil prices rose to Rs 8 today, while crude palm oil (CPO) Kandla rose to Rs 4.

In the futures market, CPO futures rose by about Rs 5 to Rs 20.50 this evening and soyoil futures by about Rs 5 to Rs 30.10, sources in the futures market said. In Malaysia, palm oil futures rose 41 points in Malaysia today, while palm product prices rose by ૭ 2.50 to ૧૦ 10. In the US, Chicago soyoil futures fell 19 points overnight, after which the price was projected to be 19 points higher in the projection this evening.

In the Mumbai spot market, cottonseed oil was trading at Rs 4, soyoil digam at Rs 4, refined at Rs 5 to Rs 7, sunflower at Rs 20 and refined at Rs 5 and mustard at Rs 20. The spot price of castor oil fell by Rs 5 in Mumbai today, while the spot price of castor fell by Rs 20 per quintal. Castor futures were trading at Rs 20, down Rs 5 in the evening. Meanwhile, it was reported that Iran has started inquiries into the import of about 3 lakh tonnes of soymeal from the world market.


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