New surge in imported edible oils

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(By commerce representative), Mumbai, Ta. 12 September 2020, Saturday

Prices of various domestic and imported edible oils rose sharply in the Mumbai Oilseeds market today. Rising market demand also boosted, with news from manufacturing plants and overseas also showing uptrend. According to market sources, palm oil traded in the Mumbai market today in the range of Rs 8 to Rs 30 for various deliveries in September and October in the range of Rs 5,000 to Rs 7,000. The deal was struck through hawala resale and direct delivery trades at various refineries, the sources added. Overnight news from US agricultural markets was also showing significant gains.

Meanwhile, in the Mumbai spot market today, the price of 10 kg of cingulum oil has gone up by Rs 1,20, cottonseed oil by Rs 5, palm oil by Rs 20, soyoil digam by Rs 5 to Rs 20, refined by Rs 4 to Rs 500 and mustard by Rs 1. 090 and the price of sunflower was Rs. 1,050 and the price of refined was Rs. Meanwhile, manufacturers reported a rise in the price of cingulum oil from Rs 1,50 to Rs 1,20, a 15 kg increase from Rs 1,50 to Rs 1,50 and a rise in cotton washed from Rs 200 to Rs 200 to Rs 605. Meanwhile, crude palm oil (CPO) Kandla was quoted at Rs 5.

There were reports of a sharp rise in agricultural markets in the United States, with short supply estimates for planting and supply. In overnight trade, soybean futures were up 206 points, while soyoil futures were up 21 points and soymeal futures were up 3 points.

Cotton futures were 10 points higher there. Meanwhile, castor and spot castor prices remained calm in the Mumbai market today, while prices of 1 tonne of groundnut, cottonseed meal and soymeal rose by Rs 500 to Rs 1,000 in the Mumbai flour market, while castor meal prices were also quoted at Rs 100 higher. Meanwhile, growth in palm oil production in Malaysia, which stood at 18.15 per cent in the first five days of September, slowed to 5.61 per cent in 10 days, which also weighed on global edible oils, analysts said.

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