Peanut oil and cottonseed oil rose again

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(By commerce representative), Mumbai, Ta. 10 November 2020, Tuesday

In the Mumbai oil-oil market, cingulum oil prices rose sharply today, while cottonseed oil also remained firm. Meanwhile, prices of imported edible oils, palm oil and soyoil were higher, while sunflower oil prices remained subdued. New demand was slow in the Mumbai spot market today and palm oil was traded sporadically in hawala resale.

Meanwhile, the total sowing of various oilseeds for sun crops in the country has declined by a modest 2.5 lakh hectares so far this year as against 2.10 lakh hectares in the same period last year, experts said. New Year's Eve deals at the Mumbai Oilseeds Market will be held on Saturday at 3.15 pm, market sources said.

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 reported an increase in the price of cingulum oil by Rs 1,2 and 15 kg from Rs 2,100 to Rs 2,110 and the price of cotton washed by Rs 30 to Rs 4.

In the Mumbai spot market, imported palm oil rose further to Rs 30 today, while crude palm oil (CPO) Kandla rose by Rs 4. In the Mumbai spot market, sunflower prices remained flat at Rs 1,150, refined at Rs 1,150 and mustard at Rs 1,50.

Meanwhile, in the Mumbai spot market, castor oil prices rose by Rs 15 today, while spot castor prices were quoted at Rs 2.50 per ounce. However, in the futures market, there were indications that the November castor futures would fall by Rs 4 to Rs 4.5 this evening. Demand for buyback in soyoil refined was also heard in the market today.

Meanwhile, total palm oil exports from Malaysia fell by about 15-16 per cent in the first 10 days of November, according to world market analysts. According to reports from Russia, the government is considering raising the current export duty on sunflower seeds from 5.50 per cent to 20 per cent from January 2021.


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