Advance in imported edible oils

(By commerce representative), Mumbai, Ta. Thursday, October 22, 2020

In the Mumbai Oilseeds market, prices of various domestic edible oils like groundnut oil, cottonseed oil and mustard oil were on the rise today, while imported edible oils, palm oil and soyoil were trading higher behind the global market, market sources said.

In the Mumbai spot market, palm oil traded at around Rs 120-900 a tonne in hawala resell at Rs 9-50 today, while direct delivery for various refineries for November delivery was around Rs 400-900 a tonne, analysts said. Meanwhile, palm oil futures in Malaysia rose 3 points today, with news of palm product prices rising by ૨ 2.50 to ૦૦ 4.00.

In Malaysia, India's demand has picked up ahead of Diwali, while stocks and production are retreating, experts said. There were also indications that crude palm oil (CPO) production had declined by 3 to 4 per cent in the first 30 days of October.

Meanwhile, in the Mumbai spot market, the price of 10 kg of imported palm oil was quoted at Rs 70 today, while crude palm oil (CPO) Kandla was quoted at Rs 200. In the futures market, CPO's October futures rose by Rs 10.50 to Rs 200.50 this evening, while soyoil's November futures rose by Rs 2.50 to Rs 4, sources in the futures market said.

Meanwhile, in the Mumbai spot market today, soyoil prices rose to Rs 5 to Rs 20 per refined, while digam prices were quoted at Rs 715. Sunflower was priced at Rs 1,110 and refined at Rs 1,150, while mustard was priced at Rs 1,050, cottonseed oil at Rs 20 and cingulum oil at Rs 1,20.

Meanwhile, manufacturers were quoted at Rs 710 to Rs 715 for washed cotton, while cingulum oil was quoted at Rs 1,2 and 15 kg at Rs 2,050 to Rs 3,100.

Peanut oil prices rose today in the manufacturing market, while prices remained stable in the Mumbai market. Meanwhile, soybean revenue in Madhya Pradesh today was around 2,10,000 times and All India revenue was around 2,8,000 times and the spot price of soybean was reported to be between Rs 2,500 and Rs 2,50 per quintal.

In the US agricultural markets, soybean futures were up 30 points and soymeal futures were up 3 points in overnight trade, while soyoil futures were down 11 points overnight.

Meanwhile, there were reports of an explosion at a port in Argentina, which pushed up soyoil and soymeal prices. Meanwhile, castor oil prices rose by Rs 5 in the Mumbai spot market today, while spot castor prices rose by Rs 10.