Cottonseed oil booms behind manufacturing

(Gujarat News Office) MUMBAI: Cottonseed oil prices rose again today in the Mumbai oilseeds market behind the manufacturing plants. While Singtel and Mustard Rayda oil prices were calm. Imported palm oil and soyoil prices were high. While the price of sunflower was hitting.

In the Mumbai market, new demand was slowing down today in the wake of Bank Holiday and imported palm oil was traded at hawala resell at Rs 1,310 per 10 kg and barely 80 to 100 tonnes at Rs 1,612 per kg. The spot price of cingulum oil was Rs 120 per 10 kg and mustard was Rs 150 while cottonseed oil was up by Rs 15 today. Producers were raising the price of cotton washed at Rs 1,200 to Rs 1,200 to Rs 1,305 per kg, while the price of cingulum oil was Rs 15 to Rs 150 and Rs 15 to Rs 30 per 15 kg.

In the Mumbai market, palm oil was priced at Rs 1,415 and crude palm oil CPO Kandla was priced at Rs 115. The second session opened in the evening after the first session closed in the futures market today. In the evening, CPO futures were quoted at Rs 1,118 and soyoil futures at Rs 150. The futures were soft.

Meanwhile, palm oil futures prices in various deliveries were near 9 and 11 points plus in near-term futures, while distant futures were in the range of 4, 5 and 6 points, respectively, in the global market today. At that time, the prices of Ajelpam products were quoted at ૫ 5 to 20 higher.

In Malaysia, palm oil production was reported to have declined by about 3 to 4 per cent in the first 30 days of July due to corona infestation and labor shortage. Although total palm oil exports from there have declined by about seven per cent during the period, world market analysts were predicting a resurgence in palm oil exports as the Malaysian currency, the ringgit, plunged to an 11-month low today.

Meanwhile, soybean oil prices rose by 3 points in the US agricultural markets overnight, while soybean prices rose by 12 points and soymeal prices by 3 points. The dollar also rose 19 points. Meanwhile, the prices of various deliveries at Navi Mumbai port today ranged from Rs 150 to Rs 1,210 for soyoil and Rs 150 to Rs 1,310 for sunflower.

Meanwhile, in Mumbai today, soybean prices were Rs 150 for digam and Rs 1,200 for refined, while sunflower was priced at Rs 150 and refined for Rs 150. Coparel was priced at Rs 1,210 per 10 kg and rice bran at Rs 1,210. Meanwhile, exports of various coconut-coconut products from India were reported to have increased by about 30 per cent in the financial year 2020-21. Such exports have increased from Rs 15 crore to Rs 3 crore.

Castor oil prices in the Mumbai market today rose by Rs 5 to Rs 115 to Rs 115 per quintal. While the price of castor present in Mumbai increased by Rs. In the Mumbai flour market, prices of various major flours rose by Rs 1,000 to Rs 2,000 per tonne today. Today, the price of groundnut meal has gone up by Rs 300, sunflower meal by Rs 5,000 and soymeal meal by Rs 200. However, prices of cottonseed meal and castor meal were fluctuating today.

Prices for various deliveries at Mundra-Hazira ranged from Rs 1,615 to Rs 12 for imported palm oil, Rs 150 to Rs 1,205 for soyoil and Rs 1,200 to Rs 1,205 for sunflower. In the US agricultural market this evening, there was news that the price of soyoil was in the range of 5 to 6 points in the projection.