Edible oil boom breaks: World market collapses

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(Gujarat News Office) MUMBAI: The Mumbai Oilseeds market witnessed a sharp rise in prices of various domestic and imported edible oils today with a break in prices. World market news was showing a sharp bang from the high headlines. Players were stunned today when palm oil futures in Malaysia fell by 20 to 5 points.

In the United States too, soyoil prices fell by 150 to 15 points in projection. In Malaysia, the price of palm products fell by થી 60 to આજે 70 today. Meanwhile, the government has increased the effective exchange duty on various edible oils imported into the country by raising the dollar exchange rate for importers to Rs 2.5 per liter, market sources said. Such effective import duty has been increased from Rs. 8 to Rs. 115 per tonne.

In the Mumbai spot market today, the price of 10 kg of cingulum oil was Rs 130 and cottonseed oil was Rs 150. Mustard was priced at Rs 120 and refined at Rs 150, while on the Saurashtra side, cingulum oil was priced at Rs 15 and 15 kg at Rs 30-40, while cotton washed was priced at Rs 120. In the Mumbai market, imported palm oil was priced at Rs. Sunflower refined prices were quoted at Rs 150 today.

Soyoil prices were Rs 150 to Rs 150 for digam and Rs 150 for refined. The market was surprised as refined oil prices were lower than crude oil and palm oil and soyoil. The present price of Mumbai castor variety was Rs.150 to Rs.120 while the present castor price was Rs.500.

Castor futures traded higher by Rs 50 today. New demand was rising in Mumbai Palm Oil today. In the flour market, the price of a ton of groundnut was Rs.500, cottonseed meal was Rs.500, sunflower meal was Rs.4000, soymeal meal was Rs.417 and castor meal was Rs.150.

Mustard's income was 4 lakh 4 thousand times in Rajasthan and 9 lakh times in All India. Prices in Rajasthan ranged from Rs 715 to Rs 800. Soybean income in Madhya Pradesh was 1 lakh 50 thousand times while All India was 2 lakh 50 thousand times. Prices in Madhya Pradesh ranged from Rs.500 to Rs.600.

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