Boom in Peanut Oil: Move in Cottonseed Oil

(By commerce representative), Ahmedabad, Mumbai, Ta. 13 November 2020, Friday

With the onset of the Diwali festivities, edible oil prices have once again come under fire. At Ahmedabad Oilseeds Market, the price of groundnut label label tin has gone up by Rs. 30 to Rs. 30 while cottonseed oil also rose to Rs. 30 and reached the level of 120. Along with these two major oils, soybean prices have also gone up by Rs. 50 and Rs. 10 were increased. Thus, housewives' budgets have been disrupted due to rising oil prices during the festive season.

In the Mumbai oilseeds market, cottonseed oil prices rose today, against a rise in prices of various imported edible oils, market sources said. World market news, however, showed two-way narrow fluctuations in edible oils.

In the Mumbai spot market today, hawala resell in imported palm oil traded at just Rs 80 to Rs 100 per 10 kg at a head-to-head basis and market players were now eyeing Saturday's muhurat trades. Meanwhile, India's total imports of edible oils fell to 191.50 lakh tonnes in the year ended October, from 16.10 lakh tonnes last year.

Total imports of vegetable oils have declined by about 15 per cent in 2015-20 and the corona has brought down imports to a three-year low, sources in The Solvent Extractors Association said. In Malaysia, meanwhile, palm oil prices rose further by ૫ 3 to ૫ 2.50 a barrel today in the face of two-way narrow fluctuations in palm oil futures.

Meanwhile, cottonseed oil prices rose further by Rs 1,05 per 10 kg in the Mumbai spot market today, while cingulum oil prices remained quiet at Rs 1.50 per kg. 6,150 to Rs. 2,150, while the prices of cotton washed were quoted at Rs. 20 to Rs.

Imported palm oil prices rose by Rs 5 to Rs 7 today, while crude palm oil (CPO) Kandla was quoted at Rs 305 higher, as against CPO's November futures in the futures market this evening. Futures traded higher by Rs 2.10 to Rs 1,05, sources in the futures market said.

Meanwhile, in the Mumbai spot market, soyoil prices rose to Rs 1,010 for digam and Rs 1,05 to Rs 1,050 for refined, while sunflower prices were quiet at Rs 1,150 and refined for Rs 1,20. Mustard prices also remained stable at Rs 1,210.

Castor and castor prices remained steady in the Mumbai spot market today, but market inflows remained strong as export demand increased, experts said. In the Mumbai flour market, the price of 1 tonne of soymeal rose by Rs 1,000 to Rs 2,000 today, while the price of sunflower flour fell by Rs 200, while other flours remained quiet.