Peanut oil, cottonseed oil prices rose

(Commercial Representative) Mumbai, Saturday

In the Mumbai oil and bean market, cingulum oil prices rose further today, while cottonseed oil also rebounded. There were indications that the price of cotton washed was raised by the manufacturers to Rs 1,000 to Rs 1,005. Meanwhile, imported palm oil and soyoil prices rose while sunflower oil prices remained soft. Meanwhile, there was news that the government had increased the tariff value used as a benchmark to calculate the import duty on edible oils imported into the country.

This has led to an increase in the effective import duty at home and its effect was seen on the market price today. In the Mumbai market, however, new demand was slowing down today and hawla resell in imported palm oil traded at around Rs 200-50 per 10 kg at Rs 9-50 per kg.

Meanwhile, the central government has hiked the tariff value of crude palm oil CPO from ૮૪૭ 5 to ૯ 203, while the price of palm oil has been increased from ૮૮૬ 3 to ૯૩૪ 8 and soyoil from ૯૫૭ 103 to ૬૭ 105.

As a result, the effective domestic import duty on crude palm oil has gone up by about Rs 12 per tonne, while that of palm oil has gone up by Rs 15 and that of soyoil by Rs 215, market insiders said. In the Mumbai spot market, the price of 10 kg of imported palm oil rose by Rs 5 today. While crude palm oil CPO Kandla prices were quoted at Rs 20. Soyoil prices rose to Rs 1,050 from Digam and Rs 1,050 from refined. Peanut oil was up by Rs 120 and cottonseed oil was up by Rs 108. Producer prices of cingulum oil rose by Rs 1,200 and 15 kg by Rs 60 to Rs 70 per kg, while cotton washed rose by Rs 1,000 to Rs 1,005.

In the Mumbai market, the price of mustard fell by Rs 1,150, sunflower by Rs 1,200 and refined by Rs 150. Castor spot and spot castor prices saw a slight improvement.

Meanwhile, castor meal prices rose by Rs 30 to Rs 40 per tonne in the Mumbai flour market today. The others in front were quiet. In the Mumbai market, palm oil prices are likely to remain in the range of Rs 70-80.

Meanwhile, in US agricultural markets, soybean futures rose 3 points in overnight trade, while soyoil futures were up 52 points, soymeal futures were up 12 points and cotton futures were up 3 points. There were indications that soybeans were sprouting amid drought conditions in Brazil. There was also talk in the world market that Chinese importers were in the mood to cancel earlier deals for soybean imports from the US due to rising prices.