Festivals lead to surge in imported edible oils

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Mumbai: New demand was slow in the Mumbai oilseeds market today. Various domestic edible oils were muted while prices of imported edible oils were quoted higher in the global market. The price of American Soya Oil rose by 108 points overnight. There were indications that the global supply of palm oil could be disrupted amid flood-like conditions in Malaysia and Indonesia.

Due to this, the prices of imported palm oil at home will further go up and cross Rs.1000 per 10 kg to Rs.1020 to 1025, the market experts were showing today.

In the Mumbai spot market today, the price of palm oil was Rs.980 to Rs.990. The possibility of further price increase from Rs.1020 to Rs.1025 was being discussed in the market. Meanwhile, crude palm oil CPO kandla prices stood at Rs.885.

Experts were showing the possibility of palm oil prices opening higher in Malaysia on Monday as the US rose. Meanwhile, the price of soybean oil rose to Rs.1280 a gram in the Mumbai spot market today.

While the price of refined was Rs.1340. Sunflower prices were firm at Rs.1460 and refined at Rs.1570. Due to the Russia-Ukraine war, there was a discussion about the shortage of sunflower supply in the world market.

Meanwhile, the price of mustard rose to Rs.1370 and refined to Rs.1400 in the Mumbai market today. Singoil prices stopped falling and remained calm at the Rs.1600 mark. The price of cotton oil was Rs.1380. At Saurashtra, the price of cotton washed was Rs.1290 to Rs.1300 while Saurashtra Singoil continued to hit the headlines.


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