Cottonseed oil soars Rs 1,100: Rising in imported edible oils

(Gujarat News Office), Mumbai, Ta. 25 December 2020, Friday

The Mumbai oil and bean market witnessed a holiday mood following Christmas today. New demand was also winged. The hawala resale present in imported palm oil traded barely 20 to 30 tonnes while no special direct delivery trades from refineries were seen.

Global agricultural markets in Malaysia and the United States were also closed today in the wake of Christmas, and there was a lack of overseas guidance news at home. However, prices of various domestic and imported edible oils rose in the Mumbai market today.

Cottonseed oil prices rose to Rs 1,100 per 10 kg. The leveling of manufacturing facilities was encouraging. The first session was closed today in the futures market. In January, palm oil was quoted at Rs 1,050 after refinery January delivery at Rs 1,050, while soyoil refinery was quoted at Rs 1,150 for January.

In the Mumbai spot market, cottonseed oil rose by 10 kg to Rs 1,100 per kg and mustard oil to Rs 115 per kg, while cingulum oil was quiet at Rs 150 per kg. The prices of washed cotton were reported to be Rs 1,050 to Rs 105 per kg, while the price of cingulum oil was reported to be Rs 150 to Rs 120 and Rs 15,150 to Rs 3,150 per 15 kg. In the Mumbai market, imported palm oil rose by Rs 105 to Rs 1,050, while crude palm oil CPO Kandla rose by Rs 4.

Mumbai soyoil was at Rs 115 for digam and Rs 113 for refined. While the price of sunflower was Rs 120 and Rs 150 to Rs 15 of refined. At Mundra-Hazira, palm oil was quoted at Rs 105 to Rs 105, soyoil at Rs 115 to Rs 115 and sunflower at Rs 120 to Rs 12 till January 15.

At Navi Mumbai port, the price of sunflower was Rs 1,200 and soyoil was Rs 1,150. About 3,000 bales of cotton were recorded in the North today in Punjab, Haryana and Lower Rajasthan, while in Gujarat there was talk of about 3,000 bales.

Peanut prices were quoted at Rs 200 to Rs 1,100 per quintal. According to ITS sources, total palm oil exports from Malaysia increased by about 15 to 18 per cent in the first three days of December.

In US agricultural markets, soybean prices rose 3 points in overnight trade, while soyoil prices rose 3 points and cotton prices rose 6 points, while soymeal prices fell 3 points. Russia's government has woken up to rising prices of various agricultural commodities, and there are reports that the government is preparing to take action against such a rise.

In India, so far this year, the planting of rye-mustard has increased to 31.03 lakh hectares during the Ravi season, while the planting of groundnut has declined slightly to 3.8 lakh hectares, according to agricultural experts.