Chinese importers set out to settle palm oil and soyoil deals in world markets!

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(Gujarat News Office) Mumbai, Ta. 03 February 2021, Wednesday

Imported palm oil, soyoil and sunflower oil prices fell in the Mumbai oil and bean market today. The futures market also tumbled. According to world market directives, Chinese importers have begun efforts to settle some of the standing deals for palm oil and soyoil imports. As a result, prices in the world market are falling.

India's new demand in the world market is also waning. In the Mumbai spot market today, the price of 10 kg of imported palm oil was Rs 1,050 while crude palm oil CPO Kandla was down by Rs 30. In the futures market, CPO futures fell by Rs 6 to Rs 7 this evening and soyoil futures were trading at around Rs 105.

Meanwhile, palm oil prices in Malaysia today fell 3% in world markets. There was news of palm oil futures falling 15 to 18 points in various deliveries today. Exports from Malaysia have declined. However, there were indications that total palm oil production fell by 12-14 per cent in January. There, the prices of palm products today fell by à«­ 2.50 to ના 20 for various deliveries.

Meanwhile, soybean prices fell by 108 points in overnight trade in the US agricultural markets, while soyoil prices were down 3 points and soymeal prices were down 5 points. However, cotton prices were up 3 points overnight. In Chinese markets, palm oil fell by 140 points and soyoil by 14 points today.

Meanwhile, in the Mumbai spot market today, the price of cingulum oil was Rs 150 per 10 kg, cottonseed oil Rs 1,105 and mustard Rs 150, while the prices of cottonseed were Rs 1,050 to Rs 103, cingulum oil Rs 1,200 and 15 kg at Rs 30-40 per 10 kg. While the prices of groundnuts were reported to be Rs.1000 to Rs.1200 per quintal.

In the Mumbai market, soyoil prices fell to Rs 105 for digam and Rs 1,110 for ref. The spot price of castor oil rose by Rs 5 today while the spot castor price rose by Rs 15.


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