The rally in imported palm oil stopped, the price was within Rs.1000

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(Commercial Representative) Mumbai, Ta. 23 November 2020, Monday

Soybean and sunflower oil prices were quoted higher in the Mumbai Oilseeds market today as imported palm oil prices fell below Rs 1,000 per 10 kg amid a slowdown. In domestic edible oils, the price of cingulum oil was on the rise while the price of cottonseed oil was on the decline.

New demand was sluggish in the Mumbai spot market today and palm oil traded at just 150 to 200 tonnes in hawala resell, market sources said. In the world market, palm oil futures in Malaysia were reported to have rebounded in the evening after falling till noon.

Meanwhile, the total imports of various edible oils in India are likely to fall to around 12-13 lakh tonnes in the year 2020-21 due to corona, according to the Solvent Extractors Association of India.

Meanwhile, in the Mumbai market today, the price of 10 kg of cingulum oil was hitting Rs 1,200. Cottonseed oil, on the other hand, fell by Rs 105 to Rs. Producers today received instructions to sell cotton washed at Rs 1,008 to Rs 1,005, while cingulum oil at Rs 150 to Rs 12 and 15 kg at Rs 4,150 to Rs 3,150.

In the Mumbai market, imported palm oil was down by Rs 5 to Rs 7 today, while crude palm oil CPO Kandla was trading at Rs 70.

In Malaysia, meanwhile, palm oil futures bounced back from a one-time low of 104 points to close at 6 points in the evening, while palm oil prices rose to ૨ 19.50 from ૦૦ 4.00 today. In the first 30 days of November, total palm oil production fell by about 10 to 11 per cent, according to world market analysts. The difference between the prices of Malaysia and Indonesia was also news of decline.

Meanwhile, palm oil stocks in China were on the rise. Soybean prices in the world market jumped to a new high after June 2015. In the US, soyoil futures were quoted about 4 to 5 points higher in the projection this evening.

Meanwhile, castor oil prices remained soft at Rs 10 per 10 kg in the Mumbai spot market today, while Mumbai spot castor prices fell by Rs 20 to Rs 30.


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