Rising prices of imported edible oils behind the world market

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(By commerce representative), Mumbai, Ta. 18 August 2020, Tuesday

In the Mumbai oil-oil market today, various imported edible oils were present and prices in the futures market were higher, while domestic edible oils were also firmly behind the establishments. World market news was also encouraging. According to market sources, palm oil traded in the Mumbai market today for around 500 to 600 tonnes for various deliveries.

In Malaysia, palm oil futures rose 31 points today, against the backdrop of news from US agricultural markets. World soybean prices jumped to a five-month high.

Meanwhile, palm oil prices rose by Rs 3 per 10 kg in the Mumbai spot market today, while crude palm oil (CPO) Kandla was quoted at Rs 4. In the futures market this evening, CPO was up by Rs 4.50 in August and soyoil in September at Rs 2.50, while soybean September futures were up by Rs 3 to Rs 4.

In the Mumbai spot market, groundnut oil was trading at Rs 1,50, cottonseed oil at Rs 5, soyoil digam at Rs 20 and refined at Rs 5, sunflower at Rs 20, refined at Rs 4 and mustard at Rs 1,050. Producers today reported a rise in prices of cingulum oil to Rs 1,600, 15 kg to Rs 1,210 to Rs 1,50 and cotton washed to Rs 30 to Rs 4.

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