MARKET DEVELOPMENT
Bullish Palm Oil Data Heat up Edible Oils Market
Bullish Palm Oil Data Heat up Edible Oils Market
11/05/2013 (Hindu Business Line) - Positive palm oil data from Malaysia pushed up imported palmolein and soyabean refined oil by Rs 2 and Rs 4 for 10 kg each in Mumbai on Friday. Higher arrivals of mustard seeds pulled down rapeseed oil by Re 1. Selling pressure resulted in sunflower expeller refined oil easing by Rs 10, while sunflower refined oil, groundnut oil and cotton oil ruled unchanged. Sentiments remained positive on firm Malaysian palm oil futures and weak Indian currency which made imports costly.
Sources said that in local market two importers sold about 450-500 tonnes of palmolein at Rs 500 for ready – near term and May 15-31 delivery condition. Ruchi sold 150-200 tonnes of palmolein at Rs 510 then increased rate by Rs 2 and sold 150-200 tonnes of soyabean refined oil at Rs 664. Liberty also sold some quantity of palmolein at Rs 505-509.
Arrivals of soyabean in Madhya Pradesh were 50,000 bags and the mandi price was Rs 4,000-10 and plant delivery Rs 4,050-60. Mustard seed arrivals were 3.15-3.20 lakh bags and its prices were Rs 3,050-3,450.
Towards the day’s close, Liberty was quoting palmolein at Rs 505-509, super palmolein Rs 545 and sunflower refined oil Rs 780. Ruchi was quoting palmolein at Rs 512 ex-Patalganga and Rs 505 ex-JNPT, soyabean refined oil Rs 664 and Rs 765 for sunflower refined oil.
In Saurashtra – Rajkot, groundnut oil was steady at Rs 1,730 for telia tin and Rs 1,125 for loose (10 kg).
Malaysian BMD crude palm oil’s June contracts settled higher at MYR 2,305 (MYR 2,280), July at MYR 2,319 (MYR 2,287) and August at MYR 2,316 (MYR 2,286) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 1,130 (1,130), soya refined oil 664 (660), sunflower exp. ref. 675 (685), sunflower ref. 765 (765), rapeseed ref. oil 674 (675), rapeseed expeller ref. 644 (645) cottonseed ref. oil 640 (640) and palmolein 502 (500).
Sources said that in local market two importers sold about 450-500 tonnes of palmolein at Rs 500 for ready – near term and May 15-31 delivery condition. Ruchi sold 150-200 tonnes of palmolein at Rs 510 then increased rate by Rs 2 and sold 150-200 tonnes of soyabean refined oil at Rs 664. Liberty also sold some quantity of palmolein at Rs 505-509.
Arrivals of soyabean in Madhya Pradesh were 50,000 bags and the mandi price was Rs 4,000-10 and plant delivery Rs 4,050-60. Mustard seed arrivals were 3.15-3.20 lakh bags and its prices were Rs 3,050-3,450.
Towards the day’s close, Liberty was quoting palmolein at Rs 505-509, super palmolein Rs 545 and sunflower refined oil Rs 780. Ruchi was quoting palmolein at Rs 512 ex-Patalganga and Rs 505 ex-JNPT, soyabean refined oil Rs 664 and Rs 765 for sunflower refined oil.
In Saurashtra – Rajkot, groundnut oil was steady at Rs 1,730 for telia tin and Rs 1,125 for loose (10 kg).
Malaysian BMD crude palm oil’s June contracts settled higher at MYR 2,305 (MYR 2,280), July at MYR 2,319 (MYR 2,287) and August at MYR 2,316 (MYR 2,286) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 1,130 (1,130), soya refined oil 664 (660), sunflower exp. ref. 675 (685), sunflower ref. 765 (765), rapeseed ref. oil 674 (675), rapeseed expeller ref. 644 (645) cottonseed ref. oil 640 (640) and palmolein 502 (500).