Boiling pot of edible oils in the world market

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(By commerce representative), Mumbai, Ta. 28 August 2020, Friday

In the Mumbai Oilseeds market today, the prices of various imported edible oils moved higher on the back of the global market, while domestic edible oils also witnessed fluctuating strength. World market news was encouraging. However, new demand slowed down in the domestic market today on the back of high palm oil and sporadic trade in hawala resell, market insiders said.

In the global market, palm oil futures in Malaysia rose 3 points today, while palm product prices were quoted as high as 2.50. News from the US agricultural markets was also bullish.

Meanwhile, palm oil prices rose by Rs 20 per 10 kg in the Mumbai spot market today, while crude palm oil (CPO) Kandla rose by Rs 3. In the futures market, CPO futures were quoted at Rs 4.50 and soyoil futures at Rs 4.50 this evening. In the Mumbai spot market, soyoil prices were quoted at Rs 30 for digam, Rs 30 for refined, Rs 30 for sunflower, Rs 30 for refined and Rs 1,05 for mustard.

In the Mumbai spot market today, the price of cingulum oil was Rs 1,20 per 10 kg, while the price of cottonseed oil was quoted at Rs 715. Producers had raised the price of washed cotton from Rs 20 to Rs 5, while cingulum oil was quoted at Rs 1.2 and 15 kg at Rs 1,50 to Rs 1,50. Meanwhile, in the Mumbai market today, the spot price of castor oil fell by Rs 5 to Rs 5 to Rs 7, while the spot castor price fell by Rs 15 to Rs 4,115.

Castor September futures were trading at Rs 4,017, down Rs 5 this evening. Meanwhile, in the Mumbai flour market, the price of 1 tonne of Singkhol today was higher by Rs 200, while soymeal was also quoted higher by Rs 200. However, the others were quiet.

Meanwhile, there were reports that Indonesia had decided to keep the tax on crude palm oil exports at zero for September. There were indications that the workers' strike at ports in Argentina had been called off. Soybean futures rose 16 points in overnight trade in US agricultural markets.

Soyoil futures were up 108 points and soymeal futures were up 3 points. However, cotton futures there were 6 points softer overnight. Meanwhile, soyoil prices were in projection this evening, however, in the range of 4 to 5 points.

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