Boiling water in major domestic edible oils

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(Gujarat News Office), Mumbai, Ta. 22 December 2020, Tuesday

In Mumbai, the prices of major edible oils like cingulum and cottonseed oil in the Mumbai oilseeds market saw a rebound today, with prices rebounding in the wake of encouraging news from world markets, according to market sources.

Meanwhile, hawala resell in imported palm oil traded at around Rs 1,008 to Rs 1,010 per tonne in the Mumbai spot market today, while direct delivery from various refineries for January delivery traded at around Rs 1,05 to Rs 1,05 per tonne. According to market analysts, the number has risen to 1,050. Thus, the total trade in imported palm oil today was about 1,200 tonnes.

Palm oil futures in Malaysia, however, were up 10 points today, with palm product prices hovering between à«« 8 and à«« 12.50. The Malaysian government has reportedly set a 5 per cent tax on crude palm oil (CPO) exports for January.

In the Mumbai spot market, the price of 10 kg of cingulum oil was quoted at Rs 1,20 and cottonseed oil at Rs 1,05, while the prices of cingulum oil fell by Rs 1,20 to Rs 1,20 and 15 kg from Rs 4,150 per 10 kg. There was news that the price of cotton was Rs 2,150 and that of cotton washed was Rs 1,000 to Rs 1,005.

In the Mumbai market, however, imported palm oil rose by Rs 1,010 to Rs 1,015 and crude palm oil (CPO) Kandla by Rs 4. In the futures market, CPO futures rose by Rs 2.50 to Rs 4 and soyoil futures by Rs 3.10 to Rs 1,115 this evening, sources in the futures market said.

The spot price of refined soyoil in the Mumbai market today was Rs 1,05, while the price of sunflower rose by Rs 1,20 and refined by Rs 1,50. Mustard prices, however, were quiet at 1,150. The spot price of Mumbai castor was down by Rs 15 today, while the spot price of castor was down by Rs 20. The price of soymeal fell below Rs 2,000 today.

In Malaysia, meanwhile, there were indications that palm oil production had declined by about 12 to 15 per cent in the first 30 days of December. There were also reports that the Chinese government had allowed players from other countries to trade in palm oil futures there.

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