Decline in groundnut oil and cottonseed oil: Daily sales of cotton reduced by CCI

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(By commerce representative), Mumbai, Ta. 23 July 2020, Thursday

In the Mumbai oilseeds market, cingulum oil prices remained soft behind the stations today, while imported edible oils remained on the rise. Meanwhile, cottonseed oil prices fell on the back of rising prices, while the daily market sales of 5 lakh bales of cotton by the Cotton Corporation of India (CCI) broke a five-year record, according to market sources. There was news in the world market today that edible oil prices remained firm.

Meanwhile, in the Mumbai spot market today, the price of 10 kg of cingulum oil was Rs 1,200 and cottonseed oil was Rs 6. The prices of cingulum oil were Rs 1,50 to Rs 1,2 per kg and 15 kg to Rs 4,010 per 15 kg, while the prices of cottonseed were reported to have fallen to Rs 510 to Rs 712 per kg.

Imported palm oil was quoted at Rs 70 in the Mumbai market today. About 500 to 70 tonnes were traded in the range of Rs 210 to Rs 50 for various deliveries. Crude palm oil (CPO) Kandla was up by Rs 6, while CPO's July futures were up by Rs 4.50 in the evening trade and soyoil's August futures were up by Rs 31.50.

Soybean's July futures were down by Rs 4 to Rs 4.5 in the evening, while castor's August futures were up by Rs 15 to Rs 4,000 and traded at Rs 4,008.

Meanwhile, in the Mumbai market today, soyoil prices were quoted at Rs 705 for digam and Rs 3 for refined, Rs 200 for sunflower and Rs 2 for refined and Rs 1,000 for mustard. Mumbai castor spot prices rose by Rs 3 to Rs 4 to Rs 5 today, while spot castor rose by Rs 15 to Rs 3,15. Meanwhile, in the Mumbai flour market, the price of 1 tonne of soymeal fell by Rs 200 to Rs 2,50 today, while other flours were quiet. Meanwhile, palm oil futures in Malaysia rose 3 points in the global market today, while there was news that the price of palm products rose by લર 2.50 to ૦૦ 10.00.

In Indonesia, stocks of palm oil fell to a 14-month low as production fell due to floods. Meanwhile, jet fuel used in aircraft in Indonesia will be using biodiesel containing palm oil by the end of this year, government sources said. Meanwhile, soyoil futures fell 15 points in overnight trade in the US agricultural markets, after which there was news that the price was moving 4 to 5 points higher in the projection this evening.

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