Peanut oil prices rise: Imported oils also rise

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(Gujarat News Office) MUMBAI: Cingulum oil prices rose sharply in the Mumbai oilseeds market today. Prices of cottonseed oil and mustard-rye oil were also higher. Import edible oils were also present in the spot and futures market.

World market news was encouraging. Import cost was high. However, new demand in the Mumbai market was slowing down today and in hawala-resale in palm oil, barely 100 tonnes were traded at 115 to 115 per 10 kg. Refineries' direct delivery trades were negligible today.

Palm oil futures rose in the global market today, with various delivery prices closing at 9, 12, 13 and 14 points higher at the end of the day, while palm product prices rose by another થી 10 to ૭ 16.50. Total palm oil exports from Malaysia rose by about 5 per cent in the first 15 days of July.

Soyoil prices rose 4 points in overnight trade in the US agricultural markets, prompting news that prices were projected to rise by 12 to 15 points in the evening today. Meanwhile, soybean prices rose by 3 points, soymeal by 114 points and cotton by 190 points in overnight trade. In the projection there today, the prices were running in soybean plus and soymeal in minus.

Soybean prices remained soft in Chinese markets today, while soybean oil, palm oil and soymeal prices were on the rise. There was news of an increase in rye cultivation in Germany.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil rose by Rs 150 today, while cottonseed oil rose by Rs 120, mustard oil by Rs 150 and refined oil by Rs 150. Producers today reported that the price of cingulum oil has gone up by Rs 1,200 and 15 kg by Rs 30-50.

Cotton washed prices were hitting Rs 150 to Rs 12 today. In the Mumbai market, imported palm oil rose by Rs 1,150 while crude palm oil CPO Kandla rose by Rs 1,050.

In the futures market, CPO's July futures were trading at Rs 1,050, up from Rs 11 to Rs 12 this evening, while soyoil's August futures were trading at Rs 15, up from Rs 12 to Rs 15. August castor futures fell by Rs 15 to Rs 20 this evening, while Mumbai spot castor fell by Rs 3 to Rs 200.

The spot price of Mumbai castor oil today fell by Rs 5 per 10 kg variety to Rs 1,100 to Rs 1,150. Castor prices were softening today amid fears that new cases of the new corona virus could affect exports in various parts of the world.

In the Mumbai spot market, soyoil prices rose to Rs 15 for digam and Rs 120 to Rs 15 for refined, while sunflower prices rose to Rs 120 and Rs 150 for refined. Coparel was priced at Rs 1,200 per 10 kg and rice bran at Rs 1,200.


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