Further decline in groundnut oil: Futures on imported edible oils rose

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(By commerce representative), Mumbai, Ta. Thursday, October 29, 2020

In the Mumbai oil-oil market, cingulum oil prices headed higher today, while cottonseed oil prices were also quoted lower, market sources said. Even in imported edible oils, the weather remained mild in the spot market, while prices in the futures market recovered after the shock, sources in the futures market said.

Meanwhile, soybean, soyoil, soymeal and cotton futures prices in the US agricultural markets were down, while Malaysian palm oil markets closed lower today due to the festive season. Meanwhile, there were indications that peanut growers were selling more goods in the open market instead of handing over the goods to the government as they were getting higher prices in the open market, market insiders said.

Meanwhile, in the Mumbai spot market, cingulum oil traded lower by Rs 1,20 per 10 kg today, while cottonseed oil fell by Rs 4. Meanwhile, manufacturing stocks today reported lower prices of cingulum oil at Rs 1,200 to Rs 1,2 and 15 kg at Rs 4,050 to Rs 4,100, while cotton washed prices at present fell to Rs 30 to Rs 5 and forward. Prices were in the news for November delivery of Rs 30 to Rs 5 for various deliveries.

Meanwhile, imported palm oil was trading at Rs 5 in the Mumbai spot market today, while crude palm oil (CPO) Kandla was quoted at Rs 6.

In the Mumbai market, there were sporadic trades in hawala resale in palm oil today, while trades in direct delivery from refineries were extremely winged. Meanwhile, in the futures market this evening, CPO's November futures, however, rose by Rs 2.50 to Rs 316.50, while soyoil's November futures rose by Rs 2.50 to Rs 4. However, in the Mumbai spot market, soyoil prices fell to Rs 5 for digam and Rs 3 for refined, while sunflower prices fell to Rs 1,150 and refined to Rs 1,150. However, the price of mustard was quiet at Rs 1,150.

Meanwhile, in the Mumbai spot market, castor oil prices rose by Rs 11 to Rs 5 to Rs 6 today, while spot castor prices rose by Rs 3 to Rs 2,50. Meanwhile, castor oil November futures rose by Rs 20 to Rs 2.50 this evening. Meanwhile, in the Mumbai flour market, the price of 1 tonne of cottonseed meal fell by Rs 200 and soymeal meal by Rs 200, while castor meal prices rose by Rs 3, while other flours remained quiet.

Meanwhile, in Madhya Pradesh, soybean revenue today was around 2,6,000 times, with prices hovering between Rs 2,500 and Rs 2,500. Market analysts said that the prices of forward delivery at the Navi Mumbai port were significantly lower than the spot prices of imported sunflowers. Meanwhile, soybean futures fell 20 points, soybean futures fell 6 points and cotton futures fell 16 points in US agricultural markets.


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