Malaysian markets tumble as Indonesia hints at cut duty on palm oil

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Mumbai: Prices of various domestic and imported edible oils continued to fall in the Mumbai oilseeds market today. A declining market also slowed new demand. The news from Vishwa Bazar and Saurashtra was discouraging. Palm oil futures in Malaysia fell by around 300 points today amid indications of a reduction in reference rate and export duty on palm oil in Indonesia.

In America, the price of soybean oil remained 116 points minus in today's projection after being soft by 7 points overnight. At Saurashtra, the price of washed cotton was further reduced to Rs.1175. However, Saurashtra Singtel was quiet on the downside.

In the Mumbai spot market today, the price of 10 kg of cottonseed oil fell to Rs.1250 while that of single oil fell to Rs.1625. The price of imported palm oil further decreased to Rs.860. New trades were slow. Crude Palm Oil CPO Kandla prices fell within Rs.800 to Rs.790.

The price of soybean oil in Mumbai market was Rs.1080 for digum and Rs.1140 for refined. The price of sunflower decreased to Rs.1210 and that of refined was Rs.1300. The price of mustard was Rs.1270 and refined was Rs.1300.

The prices of castor futures were soft by Rs.10 to Rs.15 today. Despite the rise of the dollar against the rupee, the market was showing surprise as castor futures remained soft. There were indications that new cotton receipts were increasing at various producing centers in the country. Soybean income in Madhya Pradesh today was 1 lakh times the new and 25 thousand times the old.

In Maharashtra, the income was recorded 55 thousand times. Today, the income of mustard was 85 thousand times in Rajasthan and 1 lakh 85 times in all India. Prices in Rajasthan were Rs.6275 to Rs.6300. Soybean and palm oil prices were pointing to fall in the Chinese markets.


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