Further rise in cingulum oil

(By commerce representative), Mumbai, Ta. Saturday, October 17, 2020

In the Mumbai oil-oil market, cingulum oil continued to rise on the first day of Navratri today, against which cottonseed oil prices also rose. Among imported edible oils, palm oil and soyoil were quoted higher, while sunflower prices were quoted lower, market sources said. Meanwhile, in the Mumbai market, however, new demand was on the rise today and trades were scattered.

Meanwhile, overnight news of US agricultural markets in the world market was showing a decline overall though. Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was quoted at Rs 1,20 today, while cottonseed oil was quoted at Rs 7. Producers today quoted a higher price of cingulum oil at Rs 1,50 to Rs 1,2 and 15 kg at Rs 2,050 to Rs 4,100, while cotton washed prices were also reported to have risen to Rs 30 to Rs 4.

Meanwhile, palm oil prices rose to Rs 70 in the Mumbai spot market today, while crude palm oil (CPO) Kandla was quoted at Rs 30 to Rs 5. Soyoil Digam was quiet at Rs 600, refined at Rs 5 and mustard at Rs 1,050. Meanwhile, sunflower prices fell by Rs 10 to Rs 1,150 and refined by Rs 1,150.

The price of sunflower at Navi Mumbai port was Rs 1,110 for near delivery and Rs 1,050 to Rs 1,050 for long distance delivery. Meanwhile, spot castor oil prices rose by Rs 5 in the Mumbai market today, while spot castor prices rose by Rs 10. Meanwhile, soymeal prices fell by about Rs 200 per tonne in the Mumbai flour market today, while other flours were quiet.

Meanwhile, in US agricultural markets, soybean futures traded down 16 points, while soyoil futures traded down 16 points and soymeal futures traded down 3 points, while cotton futures traded up 30 points. Meanwhile, soybean exports from the US to China were reported to be around 1,4,000 tonnes and to other countries about 221,000 tonnes.

However, with the onset of the much-needed rains in Brazil, there was renewed optimism for the soybean crop and soybean futures in the US agricultural markets fell overnight, world market experts said. Meanwhile, experts were also pointing to the possibility of increasing Chinese demand for palm oil in Malaysia.