Peanut oil rises again: World market edible oils rise

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Mumbai, Ta. 17 July 2020, Friday

In the Mumbai oilseeds market, cingulum oil prices rose again today on the back of stagnant stocks, against cottonseed oil and imported palm oil. According to market sources, palm oil traded higher at around Rs 500 to Rs 1,000 a tonne today on increased demand for August delivery.

Amidst the current short supply of palm oil, spot prices in the Mumbai market today were hovering between Rs 710 and Rs 715. In Malaysia, palm oil futures rose 5 points today, while there was news of a rise in the price of palm products from થી 10 to ૫ 15.50.

Meanwhile, there was news that the central government had reduced the customs exchange rate for importers by 20 paise to 2.10 per dollar, leading to a reduction of Rs 5 to Rs 5 per tonne in effective imports of palm oil and soyoil.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil rose from Rs 1,2 to Rs 1,400 today, while the price of cottonseed rose by Rs 1,2, 15 kg from Rs 3,050 to Rs 4,050 and cotton washed. There was news of Rs. 203 to Rs.

In the Mumbai spot market, cottonseed oil rose by Rs 3, soyoil digam by Rs 205 and refined by Rs 3, sunflower by Rs 20 and refined by Rs 30 and mustard by Rs 30. Crude palm oil (CPO) Kandla was up by Rs 305.

Mumbai spot castor oil prices rose by Rs 5 per 10 kg today, while spot castor oil prices rose by Rs 3 to Rs 3,15. In the Mumbai flour market, the price of 1 tonne of groundnut increased by Rs 200 today, while the price of cottonseed meal went up by Rs 200 and soymeal by Rs 200. The others were quiet.

Meanwhile, in the futures market, CPO futures rose by Rs 5 to Rs 6 this evening, while CPO futures were at Rs 203.50 and soyoil futures at Rs 4. Soyoil futures in the US Chicago market were up 3 points in the projection this evening after rising 4 points overnight. News of Brazil importing soyoil from Argentina and Perugia to deliver on earlier sales by Brazil caused a stir in world markets today.

Meanwhile, soybean futures were up 3 points, soymeal futures were up 12 points and cotton futures were up 3 points in overnight trade in the US. Meanwhile, Chinese importers were reported to have bought more than 3,600 tonnes of soybeans from the US.


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