MARKET DEVELOPMENT
Festival Demand Heats Up Edible Oils
Festival Demand Heats Up Edible Oils
04/04/2013 (Hindu Business Line) - Palmolein increased by Rs 4 in Mumbai on Wednesday tracking extended gain in Malaysian palm oil futures. Groundnut and Cotton oil rose by Rs10 and Rs3 each on ease selling lead firm reports from the Saurashtra markets. Soyabean, Sunflower and Rapeseed oil rule unchanged. Local stockiest – wholesalers continued covering edible oils to feed higher demand in start of the month and festivals ahead. Under current of the market remain firm said sources.
Malaysian BMD palm oil futures closed higher by 13, 14 and 17 ringgits a tone on expectations that firm exports could help ease stocks further. Futures rebounded after hitting to a near three-month low on Monday.
Sources said local stockiest continued covering edible oils on support of higher retail demand ahead of RamNavmi and Gudi Padava festivals next week besides retail demands generally improve in start of the month. During the day traders covered another 1000 – 1200 tonnes of palmolein and soyabean refined oil for nearby and forward delivery. Liberty sold about 350 – 400 tonnes of Palmolein in the range of Rs513-515. Ruchi sold 250 – 300 tonnes of Palmolein at Rs515 then quoting Rs516. It also sold 150 -200 tonnes of Soyabean refined oil at Rs655- Rs660 then raise rates by Rs5. Adani sold some quantity of Palmolein at Rs510. About 150-200 tones of palmolein was resale traded at Rs510-Rs511 ex JNPT.
At the close of the day Liberty was quoting Palmolein Rs513 - Rs515, Super palmolein Rs548 and Sunflower refined oil Rs780. Ruchi was quoting Palmolein Rs 516, Soyabean refined oil Rs660-Rs665 for April, Rs670 for 15 May and Sunflower refined oil Rs771. Allana was quoting Super palmolein Rs545. In Saurashtra – Rajkot lower selling pushed up groundnut oil by Rs20 to Rs1,870 (Rs 1,850) for telia tin and by Rs15 to Rs1,225 (Rs 1,210) for loose (10 kg).
In producing centers arrivals of Mustard seed continued higher at 5.65 lakh bags and the prices were Rs3050 – Rs3350 while soyabean arrivals in producing centers declined to 95,000 bags pushing up prices for soyabean to Rs3650 – Rs3700 mandi level and Rs3750 – Rs3800 at plant level.
On National Commodities and Derivatives Exchange, soyabean refined oil’s May futures was up by Rs1.60 to Rs690.00 (Rs688.40), June was Rs 680.70 (Rs680.95) and July was Rs674.00 (Rs.675.65). In Malaysia BMD crude palm oil’s May -13 futures contracts closed higher at MYR 2387 (MYR 2,374), June was MYR 2,396 (MYR 2,382) and July closed at MYR 2403 (MYR 2,386) a tone.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,220 (1,210), soya refined oil 655 (655), sunflower exp. ref. 680 (680), sunflower ref. 765 (765), rapeseed ref. oil 695 (695), rapeseed expeller ref. 665 (665) cottonseed ref. oil 625 (622) and palmolein 511(507).
Malaysian BMD palm oil futures closed higher by 13, 14 and 17 ringgits a tone on expectations that firm exports could help ease stocks further. Futures rebounded after hitting to a near three-month low on Monday.
Sources said local stockiest continued covering edible oils on support of higher retail demand ahead of RamNavmi and Gudi Padava festivals next week besides retail demands generally improve in start of the month. During the day traders covered another 1000 – 1200 tonnes of palmolein and soyabean refined oil for nearby and forward delivery. Liberty sold about 350 – 400 tonnes of Palmolein in the range of Rs513-515. Ruchi sold 250 – 300 tonnes of Palmolein at Rs515 then quoting Rs516. It also sold 150 -200 tonnes of Soyabean refined oil at Rs655- Rs660 then raise rates by Rs5. Adani sold some quantity of Palmolein at Rs510. About 150-200 tones of palmolein was resale traded at Rs510-Rs511 ex JNPT.
At the close of the day Liberty was quoting Palmolein Rs513 - Rs515, Super palmolein Rs548 and Sunflower refined oil Rs780. Ruchi was quoting Palmolein Rs 516, Soyabean refined oil Rs660-Rs665 for April, Rs670 for 15 May and Sunflower refined oil Rs771. Allana was quoting Super palmolein Rs545. In Saurashtra – Rajkot lower selling pushed up groundnut oil by Rs20 to Rs1,870 (Rs 1,850) for telia tin and by Rs15 to Rs1,225 (Rs 1,210) for loose (10 kg).
In producing centers arrivals of Mustard seed continued higher at 5.65 lakh bags and the prices were Rs3050 – Rs3350 while soyabean arrivals in producing centers declined to 95,000 bags pushing up prices for soyabean to Rs3650 – Rs3700 mandi level and Rs3750 – Rs3800 at plant level.
On National Commodities and Derivatives Exchange, soyabean refined oil’s May futures was up by Rs1.60 to Rs690.00 (Rs688.40), June was Rs 680.70 (Rs680.95) and July was Rs674.00 (Rs.675.65). In Malaysia BMD crude palm oil’s May -13 futures contracts closed higher at MYR 2387 (MYR 2,374), June was MYR 2,396 (MYR 2,382) and July closed at MYR 2403 (MYR 2,386) a tone.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,220 (1,210), soya refined oil 655 (655), sunflower exp. ref. 680 (680), sunflower ref. 765 (765), rapeseed ref. oil 695 (695), rapeseed expeller ref. 665 (665) cottonseed ref. oil 625 (622) and palmolein 511(507).