Palm oil jumps to five-month high

(By commerce representative), Mumbai, Ta. Monday, July 20, 2020

In the Mumbai Oilseeds market today, prices of various imported edible oils, including imported palm oil, rose on the back of global markets, while prices of cingulum and cottonseed oil were on the rise. Palm oil prices rose to a five-month high in Malaysia today. In Malaysia, the corona infestation and heavy rains have led to a shortage of workers in palm farms and affected production, experts said. Behind palm oil, soyoil prices were also in the news.

Meanwhile, in the Mumbai spot market, the price of 10 kg of palm oil was quoted at Rs 715 to Rs 715 today. However, the new headline was a new demand wing. There was also a shortage of goods in front. Crude palm oil (CPO) Kandla was quoted at Rs 715.

While in the futures market, CPO's July futures rose by Rs 10 to Rs 515 in the evening and soyoil's August futures jumped by Rs 2.50, while soybean's July futures rose by Rs 15 to Rs 200. In the Mumbai market, the price of cingulum oil fell by Rs 10 to Rs 150 today, while producers were bidding at Rs 1,2 and 15 kg for Rs 2,050 to Rs 4,050. However, cottonseed oil rose by Rs 20 to Rs 6 in the Mumbai market today as cotton was quoted at Rs 215.

Meanwhile, in the Mumbai spot market, soyoil prices rose to Rs 415 for digam, Rs 3 to Rs 3 for refined, Rs 500 for sunflower and Rs 3 for refined. Mustard was quoted at Rs 30, while castor oil was quoted at Rs 5 to Rs 5 and castor at Rs 515.

Castor August futures fell by Rs 15 to Rs 2,000 this evening. In the Mumbai flour market, the price of 1 tonne of soymeal flour went up by Rs 200 today, while other flours were quiet. Meanwhile, palm oil futures in Malaysia rose 3 points today, while palm product prices rose by ૫ 3.

However, total palm oil exports from Malaysia fell by about 7-8 per cent in the first 30 days of July, ITS sources said. Soybean futures rose 30 points in a projection in the US Chicago market this evening on rising palm oil prices. There were reports that Malaysia was setting the stage for a complaint to the World Trade Organization (WTO) over the issue, with European countries imposing restrictions on palm oil consumption.