Peanut oil prices fall: Imported palm oil rises

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(By commerce representative), Mumbai, Ta. 13 July 2020, Monday

The Mumbai oil and grease market witnessed mixed weather today amid simultaneous waiting in various domestic and imported edible oils. Singtel prices were softer behind the stations, while palm oil was higher. According to market sources, palm oil traded higher by about Rs 200 to Rs 500 a tonne for August delivery.

However, palm oil futures in Malaysia rose 19 points today against the news of a ૨ 3.50 fall in palm oil prices. According to experts, palm oil imports from Malaysia to India have increased by about 10,000 tonnes to 4.5 tonnes in 10 days. However, there were reports of a 12-13 per cent decline in total palm oil production in Malaysia in 10 days.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was quoted at Rs 1,20 today, while the manufacturers were quoted at Rs 1,2 and Rs 1,050 per 15 kg. Prices of cotton washed ranged from Rs. 200 to Rs. In the Mumbai market, imported palm oil was up by Rs 5, while crude palm oil (CPO) Kandla was up by Rs 3.

In the futures market, CPO futures were trading at around Rs 2.50 this evening, while soyoil futures were up by Rs 5 to Rs 4.50 in the evening, sources in the futures market said. In the Mumbai spot market, soyoil was quoted at Rs 5 for digam, Rs 20 for refined, Rs 3 for cottonseed oil, Rs 20 for sunflower and Rs 3 for refined and Rs 20 for mustard.

Meanwhile, castor oil prices in the Mumbai market today rose by Rs 3 to Rs 4 to Rs 5, while spot castor rose by Rs 20 to Rs 2,15. In the Mumbai flour market, the price of 1 tonne of sunflower flour fell by Rs 200 to Rs 15,200 today, while the price of soymeal flour rose by Rs 100 to Rs 30,050. However, the others were quiet.

Meanwhile, soyoil futures were trading at minus 20 points in the US Chicago market this evening. Soybean and soymeal futures projection was also soft in the evening. U.S. agricultural markets are declining amid fears of growing new demand from China as differences between China and the U.S. escalate, world market analysts said.


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