Cottonseed oil rebounds against the backdrop of peanut oil prices

(By commerce representative), Mumbai, Ta. 28 September 2020, Monday

In the Mumbai Oilseeds market, the weather was mixed with domestic edible oils today and cottonseed oil prices rose against the backdrop of a decline in groundnut oil prices. Meanwhile, imported edible oils saw a slowdown in palm oil and soyoil prices, with overall demand picking up.

However, palm oil traded at around Rs 100 to Rs 150 per tonne in hawala and resell in the range of Rs 5 to Rs 5 per 10 kg today, market sources said.

Meanwhile, near-term palm oil futures in Malaysia traded up 30 points today, with palm product prices hovering in the 2.50 to ૦૦ 7.00 range. Total palm oil production in Malaysia declined by 0.15 per cent in the first six days of September, on demand from China. There were also reports of workers at ports in Argentina going on strike in support of various demands.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil fell to Rs 1,20 today, while cottonseed oil rose by Rs 20 to Rs 5. Producers today reported that the price of washed cotton was between Rs 310 and Rs 315, while the price of cingulum oil was between Rs 1,20 and Rs 1,20 and that of 15 kg was between Rs 1,20 and Rs 150.

Meanwhile, in the Mumbai spot market today, imported palm oil was quoted at Rs 5 per 10 kg, while soyoil was quoted at Rs 5 for digam and Rs 515 for refined.

Mustard was priced at Rs 1,050, sunflower at Rs 1,150 and refined at Rs 1,150. Meanwhile, crude palm oil (CPO) Kandla was down by Rs 4, while in the futures market this evening, CPO was quoted at Rs 4 in September at Rs 4 and soyoil in October at Rs 203 to Rs 303.50. Sources said.

Meanwhile, in the Mumbai spot market, castor oil was quoted at Rs 20 to Rs 20 per 10 kg, while spot castor was quoted at Rs 20, up by Rs 5.

Meanwhile, in the futures market, castor October futures were trading at Rs 4.5, up Rs 15 this evening. Meanwhile, soymeal prices rose by Rs 300 per tonne in the Mumbai flour market today, while other flours were quiet. Meanwhile, US Chicago soyoil futures projected a slight improvement in global markets in the evening.

In Malaysia, meanwhile, corona cases are on the rise and new restrictions are being imposed, which could affect the operation of palm farms there, experts said.