Single oil boom at new festivals

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(Gujarat News Office) MUMBAI: Cingulum oil prices surged behind Saurashtra in the Mumbai oilseeds market today. In the run-up to the Navratri festival and the upcoming Dussehra day, demand for cingulum oil was on the rise and new sales were slowing down, market insiders said. Meanwhile, in the Mumbai spot market today, the price of 10 kg of cingulum oil was quoted at Rs 150 from Rs 1,200. On the Saurashtra side, prices were reported to have jumped from Rs 150 to Rs 1,200 and Rs 15 to Rs 20 per 15 kg. The price of cottonseed tin rose by Rs 30 to Rs 200.

Prices of cotton washed rose to Rs. Cottonseed oil was trading at Rs 150 in the Mumbai market today. Meanwhile, soyoil prices in the US agricultural markets remained soft by 8 points overnight. While soybean prices fell by 3 points. There were indications that soymeal prices were also in the negative of 150 points.

Market analysts were predicting a lower price of palm oil in Malaysia on Monday as prices in the US fell and new demand in imported edible oils in the Mumbai market was on the rise today.

Imported palm oil was trading at Rs 120 in the Mumbai market. Experts were showing that the price of palm oil will be in the range of Rs. Meanwhile, crude palm oil CPO Kandla was quoted at Rs 1,200 to Rs 1,505.

Soyoil prices fell to Rs 15-150 for digam and Rs 150 to 18 for refined. The price of sunflower was Rs.150 and that of refined was Rs.1210. The price of mustard was quoted at Rs. Currency market players were also keeping a close eye on the dollar's move against the rupee in the Mumbai currency market on Monday.

Meanwhile, prices of various deliveries at Mundra-Hazira were quoted at Rs 15-16 for palm oil, Rs 120-150 for soyoil and Rs 120-150 for sunflower.

Prices of Sunflower at Navi Mumbai Port ranged from Rs 150 to Rs 150 for various deliveries. In Chennai, the price ranged from Rs 150 to Rs 1,200. Meanwhile, the possibility of curbs in the form of stock limits was also being discussed in the market today in view of the high prices of edible oils during the festive season. Argentina, meanwhile, has seen signs of a declining percentage of crushing.


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