Demand for imported palm oil soared

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(Gujarat News Office) MUMBAI: Imported palm oil prices rose in the Mumbai oilseeds market today. World market news was encouraging. Demand for direct delivery of palm oil to refineries also increased today. In palm oil forward, about 500 to 600 tonnes were traded at Rs 115 per 10 kg for July 10 to 20 today, after which the price was quoted at Rs 1,150.

According to market discussions, another refinery traded at Rs 115. However, the market was waiting for support for these indicators. Meanwhile, palm oil prices rose by Rs 1,150 to Rs 115 in the Mumbai spot market today, while crude palm oil CPO Kandla rose by Rs 105.

In the futures market this evening, the CPO July price was Rs 5 to 6, up from Rs 1,015 to Rs 1,050, while the July futures price of soyoil was up Rs 12 to Rs 15 to Rs 150. In Malaysia, palm oil futures traded higher at 3, 20, 9 and 20 points higher in various deliveries in Malaysia today.

Meanwhile, there was news that Indonesia had reduced the levy on palm oil exports. However, the impact on the Malaysian market was not felt as the export tax collected in Malaysia was still lower than in Indonesia, world market experts said. It was also reported today that the government has decided to tighten the conditions of the lockdown from June 30 in Indonesia as corona cases are on the rise again.

Meanwhile, in the Mumbai spot market today, the price of cingulum oil was falling and hitting Rs 150 per 10 kg. Cottonseed oil was at Rs 15, mustard at Rs 120 and refined at Rs 120.

Producers were expecting the price of cingulum oil to stabilize at Rs 19 and 15 kg at Rs 3,100 to Rs 3,150 per kg, while the prices of cotton washed were lower at Rs 12 to Rs 12 per kg. In the Mumbai market, soyoil was trading at Rs 12 for digam and Rs 15 for refined, while sunflower was trading at Rs 150 and refined at Rs 150.

According to market sources, soybean revenue in Rajasthan today was 8,000 times and All India revenue was around 140,000 times. In the Mumbai spot market today, castor oil prices fell by Rs 3 per 10 kg to Rs 105 to Rs 105 per kg, while spot castor prices fell by Rs 15 to Rs 4 per kg.

However, in the castor futures market, the July futures price was quoted at around Rs 3,105, surpassing the Rs 4,100 level this evening. In the Mumbai flour market, the price of sunflower flour rose by Rs 300 to Rs 500 per tonne today, while the price of soymeal flour jumped by Rs 300 to Rs 1,000 and again crossed the Rs 7,000 mark.


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