Castor oil and castor progress further decline in spot and futures market

- Rising crude oil sparkle in various edible oils in the world market

- Prices of imported edible oils also advance at home

- The market was welcomed by the central government deregulating the edible oil trade

                                

                                     

In the Mumbai Oilseeds market, prices of various imported edible oils were higher today, led by palm oil, while cingulum oil prices remained sluggish. World market news was encouraging. Palm oil futures in Malaysia rose 3 points today. Total palm oil exports from Malaysia were forecast to increase by about 6 to 7 per cent between May 1 and 15. Meanwhile, there was news that Malaysia had decided to import 1 lakh tonnes of rice from India to mend strained relations with India. The decision by the Indian government to deregulate the edible oil trade today was welcomed in the market.

In the Mumbai spot market, palm oil was quoted at Rs 715 per 10 kg today. Ready delivery was scattered at Rs 712 to Rs 714, while 200 to 250 tonnes were traded at Rs 710 for delivery from June 1 to 10, market sources said. Meanwhile, crude palm oil (CPO) Kandla was quoted at Rs 635, while CPO was quoted at Rs 611.50 and soyoil futures at Rs 798.60 in the evening trade. Meanwhile, in the Mumbai spot market, groundnut oil was priced at Rs 1,440 to Rs 1,450, cottonseed oil at Rs 825, soyoil digam at Rs 760 and refined at Rs 795, sunflower at Rs 845 and refined at Rs 890 to Rs 895 and mustard at Rs 880. . Cingulum oil prices ranged from Rs 1,375 to Rs 1,425 and for cotton washed at Rs 790.

Meanwhile, in the Mumbai spot market, castor oil fell further by Rs 7 to Rs 808 to Rs 828 per 10 kg, while spot castor was at Rs 3940 at Rs 3975. New export demand was lower than expected. Castor futures fell from Rs 40 to Rs 45 in June and were trading at Rs 3,620 to Rs 3,625 in the evening. In the Mumbai flour market, the price of 1 tonne of sunflower flour rose by Rs 500 to Rs 20,000 today, while other flours remained steady. Meanwhile, Chicago soyoil futures in the US were up 29 points overnight and prices were up 15 to 16 points more in the projection this evening. Experts said that the rise in crude oil prices in the global market has led to a sharp rise in global edible oil prices.