Rise in various edible oils: The market will remain high till Diwali

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(By commerce representative), Mumbai, Ta. Saturday, October 24, 2020

On the eve of Dussehra, prices of various domestic and imported edible oils rose in the Mumbai oilseeds market today, with news from manufacturing plants as well as world markets showing a new uptrend. According to Mumbai market insiders, domestic edible oil prices are likely to remain volatile till Diwali. Meanwhile, in the Ahmedabad market today, there was news of a further rise of Rs 30 per can of cingulum oil.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was quoted at Rs 1,20 today, while the price of cottonseed oil was quoted at Rs 50 per kg. Meanwhile, manufacturing companies had quoted a hike of Rs 1,3 to Rs 1,200 per kg of cingulum oil and a price hike of 15 kg to Rs 2,150 to Rs 4,400, as against the news of a rise in the price of washed cotton to Rs 4 to Rs 4. Meanwhile, indications were received that the total area under kharif oilseeds in Gujarat has so far increased from 3.15 lakh hectares to 20.04 lakh hectares.

Meanwhile, in the Mumbai spot market, imported palm oil was quoted at Rs 8 today, while crude palm oil (CPO) Kandla was quoted at Rs 303. In the Mumbai spot market, however, new demand for palm oil slowed down today and hawala resell traded at just Rs 80 to Rs 100 a tonne at Rs 21 to Rs 5, market sources said.

Meanwhile, soyoil prices in the Mumbai market today rose to Rs 5 for digam and Rs 5 to Rs 20 for refined, while mustard prices rose to Rs 1,110. However, the price of sunflower fell by Rs 20 to Rs 1,100 and refined by Rs 1,150. In the Mumbai market, palm oil prices are likely to rise further to the level of Rs 200 today, experts said.

Meanwhile, castor oil prices rose by Rs 5 in the Mumbai spot market today, while spot castor prices rose by Rs 10. On the other hand, in the Mumbai flour market, the price of 1 tonne of sunflower flour rose by Rs 200 more today, while the price of castor flour was quoted at Rs 20 to Rs 3 higher, while other flours remained quiet.

Meanwhile, global experts were predicting a slowdown in palm oil production in areas with large palm oil plantations in Malaysia, where corona infestation is on the rise again and shutdowns are being imposed again.

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