Edible oil prices rise again in world markets as crude rises

(Gujarat News Office) MUMBAI: Singtel prices fell sharply in the Mumbai oilseeds market today. New sell-offs were halted on the back of a drop in imported edible oils amid signs of a resurgence in global edible oil prices as crude oil rebounds in world markets. However, new demand was also slow. In Malaysia, palm oil futures rose 19 points today, while soyoil prices in the US were in the projection of 4-5 points this evening.

At home, there was talk in the market today that Cotton Corporation had reduced the base price of cotton by Rs 200 per cane. In the Mumbai spot market, the price of 10 kg of cingulum oil was Rs 150 today. The price of cottonseed oil was Rs. On the Saurashtra side, the price of cingulum oil rose again to Rs. While the price of cotton washed was Rs.

In the Mumbai market, imported palm oil was priced at Rs 115 to Rs 1,150 while crude palm oil CPO Kandla was priced at Rs 1,115. In the futures market, CPO prices rose by Rs 2.50 and soyoil futures by Rs 2.50. Soybean futures bounced back four-and-a-half per cent, triggering a bullish circuit. Castor futures also rose by Rs 20.

In the Mumbai market, the price of soyoil was Rs 115 for Digam and Rs 1316 for Rifa. The price of sunflower was Rs. 1140 and Rs. 150 for ref.

The spot price of Mumbai castor rose by Rs 5 today. While the spot castor price had gone up by Rs. Meanwhile, in the Mumbai flour market today, the price of a tonne of groundnut flour was Rs. Meanwhile, prices of various deliveries at Mundra-Hazira ranged from Rs 1,150 to Rs 1,150 for palm oil, Rs 1,200 to Rs 1,310 for soyoil and Rs 15 to Rs 1,200 for sunflower.

In November, palm oil production in Malaysia was projected to decline by 3 to 4 per cent. In the six-month period from October to November, India's imports of soyoil digam are expected to increase to 11.5 lakh tonnes, market analysts said.

According to market sources, the government has increased the tariff value of the imported palm oil and soyoil used as a mark for domestic imports and this has led to an increase in the effective import duty on edible oils.