Palm oil prices fell in the world market as the duty burden increased in India's budget

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(Gujarat News Office) Mumbai, Ta. 02 February 2021, Tuesday

The weather in the Mumbai oilseeds market was mixed today. New demand was slowing. In imported palm oil, 10 to 10 tonnes of hawala resell traded at Rs 1,050 to Rs 105 per tonne. Meanwhile, cingulum oil was trading at Rs 19 per 10 kg in the Mumbai spot market today.

The prices of cottonseed oil were quoted at Rs 1,105, while the prices of cotton washed were raised by manufacturers at Rs 1,050 to Rs 105, while the price of cingulum oil was Rs 15 to Rs 1,200 and Rs 510 to Rs 20 per 15 kg.

In the Mumbai market, imported palm oil was trading at Rs 105 while crude palm oil CPO Kandla was trading at Rs 8. CPO futures were at a high of Rs 2.50 and a low of Rs 5 at Rs 5 in the evening, while soyoil futures were at a high of Rs 115 and a low of Rs 1,105 and were at Rs 1,150 in the evening.

Meanwhile, palm oil futures in Malaysia today fell 3 to 4 points in various deliveries in the world market. There, palm product prices fell by à«­ 2.50 to આજે 15 today. Malaysian markets remained soft today as import duties on India's budget increased. Exports from Malaysia have also declined.

Total palm oil exports from Malaysia fell by 5-7 per cent in January. It was reported that palm oil exports from Malaysia to India fell from 9 lakh 21 thousand tonnes to 1 lakh 21 thousand tonnes during the period. Meanwhile, there were indications of a truck strike in Brazil.

According to world market news, Argentina's share in the global soymeal export market fell to less than 30 per cent, hitting a new 30-year low. Meanwhile, in the Mumbai flour market today, the price of soymeal fell by about Rs 200 per tonne to less than Rs 2,000, while the price of cottonseed meal fell by Rs 200 while that of sunflower flour rose by Rs 200. The blindfolds, however, were quiet.

Meanwhile, soybean prices fell by 3 points in overnight trade in US agricultural markets. Soyoil prices rose 3 points. Soymeal prices were five points softer while cotton prices were up 31 points. Peanut prices at home ranged from Rs 50 to Rs 1,200 per quintal. Prices for various deliveries at Navi Mumbai port were Rs 1,310 for sunflower and Rs 1,310 for soyoil, while prices in Chennai were reported to be between Rs 1,200 and Rs 1,610.


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