The Mumbai Oilseeds market today witnessed a decline in prices of various imported edible oils behind the world market, while various domestic edible oils, including Singtel, were seen stabilizing after the recent decline. Meanwhile, prices of palm oil and soyoil declined in the global market.
Soybean oil, soybean, soymeal and cotton prices fell sharply amid fears of new Chinese demand in US agricultural markets as relations between China and the United States soured over the Corona virus. Meanwhile, the central government has reduced the dollar exchange rate for importers from Rs 76.70 to Rs 76.60, effectively reducing the effective import duty on various edible oils imported at home, market analysts said.
Such a reduction in duty was Rs 22 to Rs 23 per tonne in CPO, Rs 27 to Rs 28 in palmolin and Rs 24 to Rs 25 in soyoil, experts said. In the Mumbai spot market, the price of 10 kg of palm oil fell from Rs 705 to Rs 708 today. New demand was slow. Crude palm oil (CPO) Kandla was trading at Rs 640, while CPO futures were trading at Rs 637 in May this evening and Rs 608.50 in June.
Palm oil futures were down 36 points in Malaysia today, while Chicago soyoil futures in the US were down 25 points overnight in the projection this evening.
In the Mumbai spot market today, the price of 10 kg of cingulum oil was Rs 1,430, cottonseed oil Rs 815, soyoil digam Rs 765 and refined Rs 795, sunflower Rs 850 and refined Rs 905 to Rs 910, mustard Rs 880. However, castor oil prices fell further by Rs 10 to Rs 770 to Rs 790 and spot castor prices fell from Rs 3,800 to Rs 3,750 today. The new export operations were wings. In the Mumbai flour market, the price of 1 tonne of cottonseed meal fell by Rs 500 to Rs 24,500, while soymeal meal fell by Rs 100 to Rs 33,600, while other flours remained steady.
Soybean oil, soybean, soymeal and cotton prices fell sharply amid fears of new Chinese demand in US agricultural markets as relations between China and the United States soured over the Corona virus. Meanwhile, the central government has reduced the dollar exchange rate for importers from Rs 76.70 to Rs 76.60, effectively reducing the effective import duty on various edible oils imported at home, market analysts said.
Such a reduction in duty was Rs 22 to Rs 23 per tonne in CPO, Rs 27 to Rs 28 in palmolin and Rs 24 to Rs 25 in soyoil, experts said. In the Mumbai spot market, the price of 10 kg of palm oil fell from Rs 705 to Rs 708 today. New demand was slow. Crude palm oil (CPO) Kandla was trading at Rs 640, while CPO futures were trading at Rs 637 in May this evening and Rs 608.50 in June.
Palm oil futures were down 36 points in Malaysia today, while Chicago soyoil futures in the US were down 25 points overnight in the projection this evening.
In the Mumbai spot market today, the price of 10 kg of cingulum oil was Rs 1,430, cottonseed oil Rs 815, soyoil digam Rs 765 and refined Rs 795, sunflower Rs 850 and refined Rs 905 to Rs 910, mustard Rs 880. However, castor oil prices fell further by Rs 10 to Rs 770 to Rs 790 and spot castor prices fell from Rs 3,800 to Rs 3,750 today. The new export operations were wings. In the Mumbai flour market, the price of 1 tonne of cottonseed meal fell by Rs 500 to Rs 24,500, while soymeal meal fell by Rs 100 to Rs 33,600, while other flours remained steady.
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