Elevated various indigenous edible oils

(By commerce representative), Mumbai, Ta. 25 August 2020, Tuesday

The Mumbai Oil and Gas Market witnessed mixed weather today amid rising prices of various domestic and imported edible oils. Prices of cottonseed oil were higher, while imported edible oils were spotted behind the world market and softer in the futures market.

In the global market, palm oil futures fell 41 points in Malaysia today, while palm product prices were reported to be softening by ૫ 6 to ૫ 2.50. There were indications that prices in the US agricultural markets remained in the projection this evening.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil rose by Rs 1,20 today, while that of cottonseed oil rose by Rs 305. Producers reported that the price of cingulum oil was Rs 1,20 to Rs 1,2, 15 kg was Rs 1,50 to Rs 1,20 and cotton washed was Rs 50.

In the Mumbai market, imported palm oil was down by Rs 5, while crude palm oil (CPO) Kandla was down by Rs 20. In the futures market, CPO futures fell by Rs 2.50 to Rs 8 this evening, while soyoil futures fell by Rs 2.50 to Rs 3.10.

Meanwhile, in the Mumbai market, soyoil digam was priced at Rs 6 and refined at Rs 30, sunflower at Rs 415, refined at Rs 4 and mustard at Rs 1,050. However, the spot price of Mumbai castor was quoted at Rs 5 to Rs 5, up from Rs 4, while the spot castor price was quoted at Rs 4,120, up from Rs 3,115.

In the futures market, castor September futures jumped by Rs 4 to Rs 4,050 this evening, sources in the futures market said.

Meanwhile, in the Mumbai flour market, the price of 1 tonne of soymeal today was quoted at Rs 31,600, up from Rs 30.5, while other khals were quiet.

Meanwhile, total palm oil exports from Malaysia fell by 19.20 per cent in the first three days of August, according to MSPEC data.

According to world market experts, short supply of soymeal in South America has created short supply in the world market in the coming months, but then next year in 2021, the supply is expected to come down again.

Meanwhile, soyoil futures in the US Chicago market rose 3 points overnight, prompting indications that prices would fall by 8-10 points in the projection this evening.