Mixed weather in edible oils: castor and safflower prices rise again
Mumbai : There was a rise in various imported edible oils in the oilseed market of Mumbai today. The weather in domestic edible oils was mixed. After rising on the promise of Malaysia palm oil in the world market, it declined again and finally it was soft by 55 to 60 points. Signs of increasing outbreak of Kovid again in China, the effect of palm oil was seen in the world market. Meanwhile, soybean oil prices in the US climbed from 105 to 110 points overnight.
Today, the prices in projection were closed due to a public holiday. Meanwhile, the price of imported palm oil rose to Rs 970 per 10 kg in the spot market in Mumbai. In hawala resale, the December 1 to 10 ready was trading at Rs 968 to 970 and the forward at Rs 975 to 977. There was no fresh trade in Direct Delivery today with the Refinery Direct Delivery trading as high as Rs 990.
The price of Crude Palm Oil, CPO Kandla remained at Rs.885 as against Rs.880. Meanwhile, sources in The Solvent Extractors Association of India said that the central government has been asked to increase the difference between the import duty on crude palm oil and RBD palmolein to 15 per cent.
Meanwhile, cotton washed in Saurashtra today traded in the range of Rs 1,240 to Rs 1,245 at Rs 1,225 to Rs 1,235, while single oil prices remained calm. The price of single oil in Mumbai market was Rs 1530 and cottonseed oil was Rs 1320. The price of soyabean oil increased to Rs 1320 for degum and Rs 1335 for refined.
The price of mustard increased to Rs 1430 and refined to Rs 1460. After the refund, the price of sunflower was increased to Rs 1450. The spot rate of devel rose by Rs.3 while that of castor rose by Rs.15 per kg.
Castor seed in futures market traded higher by Rs.20 to Rs.25. Castor oil, however, was trading lower by Rs 100 per tonne in the Mumbai market today, while soybean prices rose by Rs 250-300 per tonne. The price of cotton ball has increased by Rs 1500 per tonne.