Rise in imported palm oil, soyoil and sunflower oil

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(Gujarat News Office), Mumbai, Ta. 23 December 2020, Wednesday

In the Mumbai Oilseeds market, prices of cottonseed oil and mustard were higher in domestic edible oils today while groundnut oil prices remained calm. Meanwhile, imported palm oil, soyoil and sunflower oil prices rose in the Mumbai market today amid bullish news from the global market. Soyoil prices jumped to Rs 1,100 per 10 kg. In addition to the spot market, the futures market also witnessed a rise in prices.

Market analysts said that the cost of importing various imported edible oils is still on the rise due to rising prices in the global market. Meanwhile, imported palm oil traded at Rs 105 to Rs 105 per 10 kg for January delivery in the Mumbai market today. In the global market, palm oil futures in Malaysia jumped 14 points today against the news that the price of palm products jumped another 10 to 20 dollars today.

In Malaysia and Indonesia, there were reports of a shortage of goods in palm oil due to declining production for various reasons.

US agricultural markets have also been seen bouncing behind Malaysia. In the Mumbai spot market, the price of 10 kg of cingulum oil was Rs 120 today, while cottonseed oil was quoted at Rs 1,050 and mustard at Rs 1,150. The prices of cotton washed rose by Rs 1,050 to Rs 105 per kg, while the price of cingulum oil rose by Rs 150 to Rs 150 and that of 15 kg by Rs 2,150 to Rs 3,150 per kg.

Soybean and soyoil prices have soared in world markets as exports to Argentina have stalled following a labor strike. In the Mumbai market, soyoil prices were quoted at Rs 1,110 to Rs 1,115 per 10 kg digam and Rs 1,100 to Rs 1,105 per refined.

The price difference between Digam and Refined Malo narrowed. In the Mumbai market, imported palm oil rose by Rs 105 and crude palm oil CPO Kandla by Rs 30, while in the futures market, CPO futures rose by Rs 19.10 to Rs 2.50 this evening and soyoil futures by Rs 21. 115 was spoken. In the Mumbai market, sunflower prices were quoted at Rs 150 and refined at Rs 15.

Meanwhile, the spot price of Mumbai castor rose by Rs 5 today, while the spot price of Mumbai castor rose by Rs 4, while the January castor futures were quoted at Rs 20 in the evening. Meanwhile, in the Mumbai flour market, the price of castor flour fell by Rs 100 per tonne today while other flours were quiet. Peanut prices ranged from Rs 200 to Rs 1,100 per quintal.

In US agricultural markets, soybean futures rose another 20 points, while soymeal futures rose 3 points and soyoil futures rose 6 points.

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