Mumbai: In the Mumbai oilseeds market today, Singoil prices gained momentum behind Saurashtra, while cottonseed oil continued to rise. Among imported edible oils, palm oil and soybean oil edged higher in the world market, while sunflower oil remained soft.
Marketmen said imported palm oil traded at Rs 870-872 per 10 kg for hawala resale and Rs 875 per 10 kg for direct delivery to refineries in Mumbai today.
Meanwhile, palm oil futures traded 27 points higher for near delivery in Malaysia and 45-49 points for distance delivery in the international market. However, palm product prices there remained calm overall today. Soybean oil prices, however, showed signs of retracing 40 to 45 points from upper levels in today’s estimates after rising 135 to 140 points in US agricultural markets in overnight trade.
There were indications that crude oil prices continued to rise in the world market and the overall impact on global edible oil prices was seen to be positive. In the Mumbai spot market, imported palm oil was ruling at Rs 872-875, while crude palm oil, CPO Kandla, was ruling at Rs 820-830.
Meanwhile, single oil was priced at Rs 1,725 against Rs 1,710 per 10 kg in the Mumbai spot market, while cottonseed oil was priced at Rs 970. In Saurashtra, single oil price increased from Rs 1725 to Rs 1750 and 15 kg from Rs 2740 to Rs 2760. The demand was seen increasing in Saurashtra Singoil. In the Mumbai market, soyabean oil advanced to Rs 910 and refined to Rs 965 from Rs 905, while sunflower oil increased to Rs 880 and refined to Rs 955 from Rs 960. Mustard prices continue to rise.