Imported edible oils on the rise

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(Gujarat News Office) MUMBAI: Imported edible oils rose in the Mumbai oilseeds market today. The world market was rebounding. There was news of rising edible oil prices in the world market due to the rise in crude oil. As Malaysia rose, soyoil prices in the US rose 31 to 3 points in the projection today. In the Mumbai spot market, the price of 10 kg of imported palm oil went up by Rs 150 to Rs 12. However, as demand slowed down, trade was barely 50 to 100 tonnes.

Crude palm oil CPO Kandla was priced at Rs 150 to Rs 150. Soyoil prices were quoted at Rs 1,200 for digam and Rs 1,200 to 1,310 for refined. Sunflowers were not traded. Mustard was priced at Rs 120 and refined at Rs 150. Peanut oil was trading at Rs 150 while cottonseed oil was trading at Rs 15. On the Saurashtra side, there were indications that the price of cingulum oil would be Rs. Meanwhile, in the castor futures market, the record high today was broken and the price of Bhav Kiv fell by Rs 150 to Rs 15.

Meanwhile, castor oil prices fell by Rs 5 per 10 kg in the Mumbai spot market today, while spot castor prices remained soft at Rs 50 per kg.

In the Mumbai flour market, the price of a tonne of castor flour had gone up by Rs 700, while that of soymeal flour had gone down by Rs 1,200 to Rs 1,200. The price of groundnut flour had gone down by Rs.500 to Rs.200 while the price of sunflower meal had gone up by Rs.800 to Rs.1000 per tonne. In the world market, palm oil futures in Malaysia were up 19 points today.

Sunflower oil imports fall sharply by 3%

Imports of sunflower oil in February fell by 3 per cent year-on-year due to supply disruptions in the Black Sea region, market sources said. Imports of palm oil also declined by 15 per cent.

According to the Indian Vegetable Oil Producers' Association, the import of sunflower in February was 120,000 tonnes as compared to 303 tonnes in January.

In the current month, imports are likely to be negligible. India will be forced to increase its imports of palm and soybean oil to meet its edible oil needs as sunflower imports fall.

Shipments from the Black Sea had slowed down due to tensions even before Russia invaded Ukraine on February 8.

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