Soybean prices rise 6-year high: Palm oil Rs 1,000

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(Gujarat News Office), Mumbai, Ta. 18 December 2020, Friday

The Mumbai Oilseeds market today witnessed a general uptrend in prices of various domestic as well as imported edible oils. Palm oil prices jumped to Rs 1,000 per 10 kg at present. Manufacturing establishments as well as world market news boomers were found.

However, new demand was high in the Mumbai market today and hawala resell in imported palm oil traded at just Rs 80-100 a tonne at Rs 8,000 to Rs 1,000. Soybean prices in the world market were in the news after reaching a 7-year high amid a new rise.

Soybean prices have soared in the wake of a labor strike in Argentina that has cut off supplies to world markets, according to world market analysts. In Malaysia, palm oil prices rose further by ડો 2.50 to à«« 2.50 today amid short supply, as palm oil futures were up 30 points.

In the Mumbai spot market, the price of cingulum oil rose by Rs 1,50 per 10 kg and cottonseed oil by Rs 105 per 10 kg, while the prices of cingulum oil rose by Rs 1,20 per 10 kg, Rs 1,150 to Rs 5,150 per 15 kg and cotton by Rs 1,250 per 10 kg. Washed was priced from Rs 1,010 to Rs 1,015. In the Mumbai market, imported palm oil rose by Rs 1,000, while crude palm oil (CPO) Kandla was quoted at Rs 4 higher.

Meanwhile, CPO futures rose by Rs 2.50 to Rs 5 this evening, while soyoil futures rose by Rs 19.50 to Rs 1,115, sources in the futures market said.

Meanwhile, in the Mumbai spot market, soyoil prices were quoted at Rs 1,050 to Rs 1,05 and refined at Rs 1,050, while sunflower was up at Rs 1,20 and refined at Rs 1,50. However, the price of mustard was quiet at Rs 1,150.

The spot price of Mumbai castor oil fell by Rs 10 per 10 kg today, while the spot castor price fell by Rs 20. In the castor futures market, December prices fell by Rs 4 to Rs 4.5 this evening. In the Mumbai flour market, the prices of castor flour fell by Rs 150 per tonne, soymeal flour by Rs 100 and sunflower flour by Rs 200 per tonne, while other flours were quiet.

Today, soybean revenue in Madhya Pradesh was about 3 lakh times and All India revenue was about 250,000 times. Peanut prices were quoted at Rs 700 to Rs 1,050 per quintal. Meanwhile, soybean futures rose 16 points, soyoil futures 4 points, soymeal futures 4 points and cotton futures 19 points in US overnight trade.


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