Edible oils boom in global markets

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(Gujarat News Office), Mumbai, Ta. 24 December 2020, Thursday

In the Mumbai oilseeds market, cottonseed oil prices rose in domestic edible oils today, while groundnut oil and mustard prices remained unchanged. Meanwhile, prices of various imported edible oils rose in the spot and futures markets today. In the Mumbai market, however, new demand slowed to a head today and imported palm oil traded at just Rs 100 to Rs 1,050 per 10 kg at hawala resell.

In January, prices of some refineries rose to a high of Rs 1,050, market sources said. In Malaysia, palm oil futures rose another 30 points today amid heavy rains, production and declining stocks, while palm product prices rose another ૫ 2.50 to ૦૦ 2.00. According to world market analysts, total palm oil exports from there have increased by about 15 to 18 per cent in December so far.

There were rumors that about 150 to 15 ships were diverted to other countries from various ports in Argentina as exports were disrupted following a labor strike. In such an environment in the world market, soybean prices jumped to a new six-and-a-half year high today.

U.S. agricultural markets were seen bouncing overnight. Meanwhile, in the Mumbai spot market today, soyoil digam was quoted at Rs 115 to Rs 1,150 and refined at Rs 1,115 to Rs 1,150 per 10 kg. Digam's price was higher than refined, much to the surprise of the players.

In the Mumbai spot market today, imported palm oil rose by Rs 1,050 while crude palm oil CPO Kandla rose by Rs 30.

In the Mumbai spot market, the price of sunflower rose by Rs 150 and refined by Rs 150, while the price of mustard rose by Rs 1,150 and that of cingulum oil by Rs 150. However, cottonseed oil prices rose further from Rs 1,050 to Rs 108 today.

The prices of cotton washed rose by Rs 105 to Rs 1,050 per kg, while the price of cingulum oil was reported to be hovering between Rs 150 to Rs 120 and 15 kg at Rs 4,150 to Rs 3,150 per kg. Mumbai spot castor and castor prices were calm today. In the futures market, castor January futures were trading at Rs 5 in the evening.

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