Record rise in cottonseed oil

(By commerce representative), Mumbai, Ta. Thursday, November 19, 2020

In the Mumbai oilseeds market, however, cingulum oil prices remained calm today, with cottonseed oil surging higher. Current prices of imported palm oil, soyoil and sunflower oil were higher on the back of global markets.

Meanwhile, about two and a half thousand tonnes of imported palm oil was traded in the Mumbai market for late December delivery on Wednesday evening, with new trades scattering today, market sources said.

Palm oil futures in Malaysia traded lower at 7 points in the evening after being bullish till noon today, while palm product prices fell by સા 7.5 to ત્યાં 7.5. Total palm oil exports from Malaysia are expected to fall by about 15 to 18 per cent in the first 30 days of November, according to global analysts. Meanwhile, total exports of various flours from the country rose by about 3 per cent in October, according to sources in The Solvent Extractors Association.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was Rs 1,50 today, while cottonseed oil was quoted at Rs 1,05. Manufacturers had raised the price of cotton washed from Rs 1,013 to Rs 1,015.

On the other hand, the price of cingulum oil was reported to be between Rs 1,50 and Rs 1,50 and for 15 kg at Rs 2,150 to Rs 3,150. In the Mumbai market, imported palm oil rose above Rs 1,000 to Rs 1,005 today, while crude palm oil (CPO) Kandla rose by Rs 30.

In the futures market, CPO's November futures were trading at a high of Rs 3.50 and Rs 7.30 in the evening, while soyoil's December futures were at a high of Rs 1,05 and Rs 1,050 in the evening. CPO futures took a bullish circuit late Wednesday evening.

Meanwhile, in the Mumbai spot market, soyoil was quoted at Rs 1,050 for refined and Rs 1,050 for refined, while sunflower oil was quoted at Rs 1,200 and refined for Rs 1,20. Mustard prices were quiet at Rs 1,50.

Meanwhile, the spot price of Mumbai castor rose by Rs 3 today, while the present castor rose by Rs 3. On the other hand, the December futures of castor were trading at Rs 5 in the evening. Meanwhile, the impact of Indonesia's lowering interest rates on a record low was also felt in the global palm oil market.