Palm oil likely to go higher in Malaysia

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(Gujarat News Office) MUMBAI: Prices of various domestic and imported edible oils were fluctuating in the Mumbai Oilseeds market today. New demand was sporadic. In imported palm oil, however, there were indications that various refineries today increased the price from Rs 150 to Rs 12 per 10 kg. However, prices remained low in hawala-resale. Hawala: In resale today, there were sporadic trades between Rs 1,310 and Rs 1,415, while the new trades of direct delivery refineries were not special.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil remained flat today at Rs 150. While cottonseed oil prices were hovering around Rs 150. However, there was news that the price of cotton washed was Rs 150 from Rs 150 to Rs. Singtel prices were quoted at Rs 1,200 and 15 kg at Rs 30-50.

In the Mumbai market, soyoil was trading at Rs 150 for digam and Rs 150 for refined oil. Sunflower was priced at Rs 1,200 and refined at Rs 150. Mustard was priced at Rs 150 with Rs 150 while refined was priced at Rs 150.

Palm oil prices in the Mumbai market are likely to remain in the range of Rs 1,200 to Rs 150 next week, market analysts said today. Total palm oil exports to Malaysia increased by about 5 to 20 per cent in the first six days of this month, according to MSPEC sources.

Meanwhile, cotton prices in the US agricultural markets were up 3 points in overnight trade. There, soybean prices rose by six points while soymeal prices fell by five points. However, soyoil prices were up 3 points overnight.

With soyoil prices soaring in the US, market sources said palm oil prices in Malaysia were likely to open higher on Monday morning, prompting speculation that various refineries in palm oil would raise prices today. At Hazira, soyoil prices were quoted at Rs 15 for various deliveries.


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