Castor, castor spot and futures decline while retreat in peanut oil

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(Gujarat News Office), Mumbai, Ta. 28 December 2020, Monday

The spot price of various domestic and imported edible oils in the Mumbai Oilseeds market today witnessed two-way fluctuations on the back of rising prices while futures prices rose in the evening. World market news headlines were showing caution.

New demand was emerging in the Mumbai market today and scattered trades in imported palm oil were hawala resale. In Indonesia, meanwhile, there was news that the export tax on crude palm oil CPOs had been increased from ૩૩ 3 to ૭૪ 4 per tonne for January. In addition, the government has increased the export demand from ૮ 150 to ૨૨૫ 5, market insiders said. In Malaysia, however, palm oil futures fell by 30 points today, while palm products fell by ૫ 2.50 to ૦૦ 10.00.

The fall in palm oil and soyoil prices in China was seen on the Malaysian market today. Total palm oil production in Malaysia, however, declined by 12-13 per cent in the first six days of December, compared to a reported increase of about 12-13 per cent in total palm oil exports during the period.

Meanwhile, in the Mumbai spot market today, the price of 10 kg of cingulum oil was Rs 120 to Rs 1,310 while the price of cottonseed oil was Rs 1,150. The prices of cingulum oil fell to Rs 120-13 per kg and Rs 2140 to Rs 3130 per 15 kg in the evening, while the price of washed cotton was hovering around Rs 1,050 to Rs 105 per kg.

Mustard prices rose to Rs 1,210 in the Mumbai market today. Imported palm oil was quoted at Rs 105 to Rs 1,050 for ready delivery and Rs 105 for forward. Crude palm oil CPO Kandla was trading at Rs. Meanwhile, CPO prices rose by Rs 2.50 to Rs 5 in the evening trade, while soyoil futures rose by Rs 2.50 to Rs 115.

Sunflower was priced at Rs 150 and refined at Rs 1,200. The spot price of Mumbai castor was down by Rs 10 per 10 kg today while the spot castor price was soft at Rs 30.

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