Cottonseed oil moves backwards

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(By commerce representative), Mumbai, Ta. 24 August 2020, Monday

Prices of various domestic and imported edible oils in the Mumbai Oilseeds market today fluctuated amid mixed weather with two-way narrow fluctuations. New demand was slow, with world market news also waiting in line for edible oils. Palm oil prices fell in Malaysia today, while soybean oil, soybean and soymeal prices were reported higher in the US agricultural markets this evening.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil rose by Rs 1,20 and cottonseed oil by Rs 5 per kg, while the prices of cottonseed were quoted at Rs 20 to Rs 5 per kg, while the price of cingulum oil rose by Rs 1.8 per 10 kg. And there was news of 15 kg being Rs 1,50 to Rs 1,50.

In the Mumbai market, imported palm oil was trading at Rs 70 today, while crude palm oil (CPO) Kandla was trading at Rs 8. In the futures market, CPO prices were at Rs 5 in the evening, while soyoil futures were at Rs 20.

In the Mumbai spot market, the price of sunflower was Rs 40 and refined Rs 7, soyoil digam Rs 3 to Rs 4 and refined Rs 30, mustard Rs 1,05. Mumbai castor spot and spot castor prices remained calm today, while in the Mumbai flour market, the price of 1 tonne of cottonseed meal rose by Rs 200 to Rs 2,000, while other flours remained calm.

Meanwhile, palm oil futures near Malaysia fell by 3 points in global trade today. According to ITS sources, total palm oil exports from Malaysia fell by about 15-16 per cent in the first three days of this month.

According to news from Indonesia, the government is likely to increase the export tax on palm oil from à««à«« 5 to à«­ 50, world market experts said today. Meanwhile, soybean futures rose 4 to 6 points in the US agricultural markets this evening, while soybean and soymeal futures were also reported higher in the evening.


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