Singtel, cottonseed and imported oils are on the rise

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(Gujarat News Office) MUMBAI: The Mumbai oilseeds market witnessed a general rally in various domestic and imported edible oils today. News from manufacturers and world markets was moving forward. However, new demand in the Mumbai market was slow today. Imported palm oil prices rose to Rs 1,200 per 10 kg today and market analysts were predicting further rise in the coming week.

Prices are likely to open higher in Malaysia on Monday as US markets bounce back

In the Mumbai spot market, the price of cingulum oil rose by Rs 150 to Rs 150 per 10 kg today. While cottonseed oil prices rose further from Rs 15 to Rs 150. Mustard was priced at Rs 120. Meanwhile, manufacturers were quoted at Rs 15 to Rs 30 and Rs 50 per kg for cingulum oil and Rs 15 to Rs 150 per kg of washed cotton.

In the Mumbai spot market, imported palm oil was quoted at Rs 1,200 today, while crude palm oil CPO Kandla was quoted at Rs 1,110. Soybean oil prices rose from Rs 15 to Rs 150 for digam and Rs 15 to Rs 150 for refined oil. Sunflower was priced at Rs 150 and refined at Rs 150.

Meanwhile, soyoil prices rose by 100 points in overnight trade in the US agricultural markets, while soybean prices rose by 3 points, soymeal prices by 20 points and cotton by 3 points. Analysts were predicting that palm oil prices would open higher in the Malaysian market on Monday morning as US markets rallied.

Malaysian markets were closed today due to Saturday. Meanwhile, prices of various deliveries at Mundra-Hazira were quoted at Rs 1,150 to Rs 1,205 for palm oil, Rs 150 to Rs 150 for soyoil and Rs 150 for sunflower.

At Kandla, palm oil was quoted at Rs 1,150 for delivery from July 4 to August 15. Palm oil prices in the Mumbai market are likely to rise further by Rs 15 to Rs 20 next week, market insiders said.

The current kharif season in the country has seen a decline in the planting of various oilseeds so far. Such planting has come down to about 15 to 18 lakh hectares as compared to 15 to 120 lakh hectares in the same period last year, experts said. There were indications that the area under cotton was reduced from 115 to 115 lakh hectares to 3 to 4 lakh hectares during this period.

Irregular movement of rains was reported to have affected the plantations. News of a retreat in plantings also had a positive effect on the market today and prices were bouncing. There were reports of decline in soybean cultivation in Madhya Pradesh and Rajasthan. However, there were indications of a slight increase in soybean cultivation in Maharashtra.

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