Palm oil jumped to Rs 800

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(By commerce representative), Mumbai, Ta. 15 July 2020, Wednesday

In the Mumbai oil-oil market, imported palm oil today surged to Rs 200 per 10 kg, as against the fall in cingulum oil prices. World market news was showing a rise in edible oils. In the Mumbai market today, the price of 10 kg of palm oil was quoted at Rs 705 to Rs 705.

There was a shortage of spot goods, while for the various August deliveries, about 1,000 tonnes more traded today in the range of Rs 5 to Rs 500, market sources said. In Malaysia, palm oil futures rose 4 points in Malaysia today, while palm product prices rose by ૫ 2.50 to ૦૦ 8.00.

Meanwhile, in the Mumbai spot market, the price of cingulum oil fell to Rs 1.3 per 10 kg today, while at manufacturing plants it was Rs 1.2 per kg and Rs 1,20 to Rs 1,50 per 15 kg. However, there was an increase in the price of cotton washed from Rs 610 to Rs 715. In the Mumbai market, cottonseed oil rose by Rs 3, soyoil digam by Rs 4 to Rs 200, while refined by Rs 20.

Sunflower was priced at Rs 30, refined at Rs 30 and mustard at Rs 4. Mumbai spot castor oil prices rose by Rs 3 today, while spot castor prices rose by Rs 15. In the Mumbai flour market, however, prices remained calm today with narrow fluctuations.

Meanwhile, crude palm oil (CPO) prices rose by Rs 3 to Rs 5 this evening, while soyoil futures rose by Rs 2 to Rs 4, sources in the futures market said. In the US, Chicago soyoil futures rose 21 points overnight, after which prices were quoted 5 to 6 points higher in the projection this evening.

It was reported that Chinese importers had struck 10 more cargo deals for soybean imports from the US. China imported a record amount of soybeans in June, experts said.

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