Singoil, cottonseed oil fall behind Saurashtra: Prices of imported edible oils tumble

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MUMBAI: The prices of various domestic and imported edible oils were seen to fall in the Mumbai oilseeds market today. There was a new demand. The news of Saurashtra and the world market were showing decline. In the agricultural markets of America, soybean oil price projections were talking 70 to 75 points lower this evening.

Malaysian palm oil markets remained closed today. Global edible oil prices were under pressure as crude oil tumbled in the world market. Meanwhile, domestic prices in Saurashtra today fell from Rs.1470 to Rs.1475 for single oil and Rs.2360 for 15 kg. While the price of Saurashtra Cotton Washed has decreased to Rs.1210 to Rs.1215.

In the Mumbai spot market today, the prices fell to Rs.1500 per 10 kg of single oil and Rs.1280 of cottonseed oil, while mustard remained calm at Rs.1440 and refined at Rs.1470. The price of Mumbai imported palm oil fell to Rs.960. Trades were scattered. The price of crude palm oil CPO kandla was Rs.875.

Meanwhile, Mumbai soybean oil prices fell to Rs.1,295 for digum and Rs.1,300 for refined, while prices for sunflower refined were falling by Rs.1,430. The spot price of Mumbai diwali fell by Rs.8 today. While the price of castor bean in Mumbai fell by Rs.40 per kg. Castor futures, however, saw a slow recovery in prices.

In the Mumbai khol market today, the price of castor oil per ton was soft at Rs.100 while the prices of cotton and sunflower oil were being quoted at Rs.500 to 1,000 per ton. Other laps were quiet.

Meanwhile, new cotton receipts today all India came to 1 lakh 14 to 15 thousand bales. Mustard income today was 1 lakh 15 thousand times in Rajasthan and 2 lakh 65 thousand times in all India. Prices in Rajasthan were Rs.6825 to Rs.6850. Soybean income today was 3 lakh 25 thousand times in Madhya Pradesh and 2 lakh times in Maharashtra.

In Madhya-Pradesh the prices were Rs.5200 to Rs.5400. There was talk recently that Indonesia would change the ratio between palm oil export and local supply, but the news came today that the Indonesian government has decided to keep the ratio unchanged for the time being.

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