Indigenous Oils Heat Up as Inflow Trickles Down
12/03/2013 (Hindu Business Line) - Rapeseed oil and groundnut oil increased by Rs 5 and Rs 10 for 10 kg each on Monday on weak arrivals of mustard seeds in producing centres.
Imported palmolein ruled unchanged and soyabean refined oil dropped by Rs 3 despite extended gains in Malaysian palm oil futures. Sunflower and cotton refined oil were steady.
The volume remained thin on slack demand. Morale was slightly weak, said traders.
In Mumbai market, as stockists kept away from fresh bulk buying volume remained in resale only. About 200-250 tonnes of palmolein were resale traded at Rs 513-516 for ready delivery.
Towards the day’s close, Liberty was quoting palmolein at Rs 520-521 ex-Shahpur, Rs 515 for March ex-JNPT and Rs 517 for April 15. Super palmolein was Rs 555 for March-April, sunflower refined oil Rs 790.
Ruchi was quoting palmolein at Rs 520 ex-Patalganga up to April 15 and Rs 515 for March 15-31 ex-JNPT, soyabean refined oil Rs 660 and sunflower refined oil Rs 780. Allana quoted super palmolein at Rs 550.
Sources said that daily arrivals of mustard seeds dropped suddenly in the last two days.
New crop arrivals were less than 3 lakh bags of which 1.50 lakh bags arrived in Rajasthan; 40,000 bags in Uttar Pradesh; 25,000 bags in Madhya Pradesh and 30,000 bags in Gujarat. In Punjab-Haryana it was 20,000 bags.
In Saurashtra – Rajkot, groundnut oil ruled steady at Rs 1,845 for telia tin and Rs 1,195 for loose (10 kg).
On the NCDEX, soyabean refined oil’s April futures closed lower to Rs 678.50 (Rs 683.15), May dropped to Rs 676.25 (Rs 680.30) and June closed at Rs 678.50 (Rs 682).
Malaysian BMD crude palm oil’s April contracts closed higher at MYR 2,440 (MYR 2,430), May at MYR 2,450 (MYR 2,444) and June at MYR 2,451 (MYR 2,451) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,210 (1,200), soya refined oil 661 (664), sunflower exp. ref. 700 (700), sunflower ref. 783 (783), rapeseed ref. oil 710 (705), rapeseed expeller ref. 680 (675) cottonseed ref. oil 616 (616) and palmolein 515 (515).