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Most of the oilseeds in the country’s markets closed strong with a gain of about three and a quarter percent in the Chicago Exchange. Peanut oil-oilseeds remained unchanged due to weak trading at high prices, while the prices of mustard and soybean oilseeds, crude palm oil (CPO) and palmolein oil and cottonseed oil closed strong.
New Delhi. Most of the oilseeds closed strong in the country’s markets on Friday, with the Chicago Exchange rising by nearly three percent. Groundnut oil-oilseeds remained unchanged due to weak trading at higher prices, while mustard and soybean oilseeds, crude palm oil (CPO) and palmolein oil and cottonseed oil prices closed strong. Malaysia Exchange also closed strong at 3:30 pm. While there was a slight up-down situation on Friday after the rise in Chicago Exchange on Thursday night.
Market sources said that apart from the strength of the Chicago Exchange, the prices of oilseeds closed strong due to farmers not selling mustard and soybean at lower prices. According to sources, a historic decline has been reported in the area of cotton cultivation in Punjab. They said that last year cotton cultivation in Punjab was done in one lakh 79 thousand hectares, whereas this year cotton cultivation has been done in only 96,614 hectares. Sources said that this is an indicator of a very serious situation for cotton.
Disclaimer: CricketInFocus has not edited this news. This news has been published from PTI-language feed.
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