Rapid rise in groundnut oil and cottonseed oil

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(Gujarat News Office), Mumbai, Ta. 06 January 2021, Wednesday

The Mumbai Oilseeds market witnessed a renewed rise in prices of various domestic and imported edible oils today. Producers and world news were showing up. The domestic spot and futures markets were also seen bouncing today.

However, new demand in the Mumbai market was slow today and scattered trades in imported palm oil were hawala-resale. Meanwhile, palm oil futures in Malaysia surged another 120 points today, while palm product prices rose by ૫ 2.50 to ના 15 a barrel today.

Total palm oil production in Malaysia was reported to have declined by about 3 to 4 per cent in the first five days of January. American agricultural markets also rebounded. In the overnight trade, soybean prices rose by 3 points, soyoil prices by 12 points, soymeal prices by 6 points and cotton by 12 points.

In the projection, soybean and soymeal prices also saw a new rise today. Imports of various edible oils have increased due to rising global markets and this has had an impact on market prices, market sources said.

Meanwhile, in the Mumbai market, the price of cingulum oil rose by Rs 150 per 10 kg and cottonseed oil by Rs 115 and mustard by Rs 130, while the price of cingulum oil rose by Rs 1,200 per 15 kg, Rs 20-30 per 15 kg and Rs 115-111 per 15 kg of washed cotton. There was spoken news. In the Mumbai spot market, imported palm oil rose by Rs 1,105 and crude palm oil CPO Kandla by Rs 1,005.

In the futures market this evening, CPO was trading at Rs 1,005.50 and soyoil futures at Rs 1,215.50. In the Mumbai spot market today, soyoil prices rose to Rs 1,200 for digam and Rs 1,315 for refined. While the price of sunflower increased to Rs. 1215 and refined to Rs. 120. Peanut prices ranged from Rs 50 to Rs 1,115 per quintal.

In the Mumbai spot market, castor oil prices rose by Rs 10 and castor oil by Rs 20, while castor January futures were trading at Rs 30 this evening. In the Mumbai flour market, soymeal flour and cottonseed meal prices rose by Rs 300 to Rs 500 per tonne, while other flours remained quiet. Soymeal prices were hovering around Rs 5,000 to Rs 8-50.

Meanwhile, the government has given relief to animal feed producers. Sources at the Food Safety and Standards Authority of India said that the deadline for implementation of Bureau of Indian Standards has been extended for six months.

Prices for various deliveries at Navi Mumbai port were quoted at Rs 150 to Rs 1,200 for sunflower and Rs 150 for soymeal, while at Mundra-Hazira, prices were Rs 1,110 to Rs 1,150 for palm oil, Rs 15 to Rs 12 for soybean oil and Rs 120 to Rs 12 for sunflower.

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