MARKET DEVELOPMENT
Stockists Turn Bullish on Soft Oils
Stockists Turn Bullish on Soft Oils
18/05/2013 (Hindu Business Line) - Palmolein extended gain despite slack demand, while soyabean refined oil ruled unchanged despite higher volume. Stockists took long position in soya oil for delivery upto July.
Lower arrivals of mustard seed in producing centres pushed up rapeseed oil further by Rs 2. Cotton refined oil dropped by Rs 5 on lack of demand. Groundnut and sunflower oil ruled steady. Sentiment was firm due to weak local currency, said leading broker.
Shailesh Kataria of Riddhi Broker said: “Weak Indian make import costlier, resulting in Malaysian palm oil futures rising in the domestic market. Stockists took a long position in soft oils such as soyabean and sunflower oil considering the low price.”
In Mumbai, Ruchi sold about 750-800 tonnes of soyabean refined oil at Rs 660 for delivery up to July and about 150-200 tonnes of sunflower refined oil at Rs 755 delivery up to June.
Resellers offloaded about 250-300 tonnes of palmolein at Rs 503-505 for ready – nearby delivery. There were no other activities, said sources.
Soyabean arrivals in Madhya Pradesh were 45,000 bags and its prices were Rs 3,950-4,000 ex mandi and Rs 4,070-80 plant delivery. Mustard seed arrivals were 2.70 lakh bags national level and the prices were Rs 3,000-3,525.
Towards the day’s close, Liberty was quoting palmolein at Rs 510-514, super palmolein Rs 545 and sunflower refined oil Rs 780. Ruchi was quoting palmolein at Rs 515 for Patalganga and Rs 510 ex-JNPT. Soyabean refined oil was Rs 660 up to July and sunflower refined oil Rs 755 up to June.
In Saurashtra – Rajkot, groundnut oil dropped sharply by Rs 40 to Rs 1,740 for telia tin and by Rs 30 to Rs 1,130 for loose (10 kg).
Malaysian BMD crude palm oil’s June futures contracts settled higher at MYR 2,334 (MYR 2,320), July at MYR 2,345 (MYR 2,324) and August at MYR 2,336 (MYR 2,314) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,140 (1,140), soya refined oil 660 (660), sunflower exp. ref. 675 (675), sunflower ref. 755 (755), rapeseed ref. oil 690 (688), rapeseed expeller ref. 660 (658) cottonseed ref. oil 643 (648) and palmolein 507 (506).
Vikram Global Commodities, Chennai quoted Malaysian super palmolein at Rs 553 ex-Chennai.
Lower arrivals of mustard seed in producing centres pushed up rapeseed oil further by Rs 2. Cotton refined oil dropped by Rs 5 on lack of demand. Groundnut and sunflower oil ruled steady. Sentiment was firm due to weak local currency, said leading broker.
Shailesh Kataria of Riddhi Broker said: “Weak Indian make import costlier, resulting in Malaysian palm oil futures rising in the domestic market. Stockists took a long position in soft oils such as soyabean and sunflower oil considering the low price.”
In Mumbai, Ruchi sold about 750-800 tonnes of soyabean refined oil at Rs 660 for delivery up to July and about 150-200 tonnes of sunflower refined oil at Rs 755 delivery up to June.
Resellers offloaded about 250-300 tonnes of palmolein at Rs 503-505 for ready – nearby delivery. There were no other activities, said sources.
Soyabean arrivals in Madhya Pradesh were 45,000 bags and its prices were Rs 3,950-4,000 ex mandi and Rs 4,070-80 plant delivery. Mustard seed arrivals were 2.70 lakh bags national level and the prices were Rs 3,000-3,525.
Towards the day’s close, Liberty was quoting palmolein at Rs 510-514, super palmolein Rs 545 and sunflower refined oil Rs 780. Ruchi was quoting palmolein at Rs 515 for Patalganga and Rs 510 ex-JNPT. Soyabean refined oil was Rs 660 up to July and sunflower refined oil Rs 755 up to June.
In Saurashtra – Rajkot, groundnut oil dropped sharply by Rs 40 to Rs 1,740 for telia tin and by Rs 30 to Rs 1,130 for loose (10 kg).
Malaysian BMD crude palm oil’s June futures contracts settled higher at MYR 2,334 (MYR 2,320), July at MYR 2,345 (MYR 2,324) and August at MYR 2,336 (MYR 2,314) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,140 (1,140), soya refined oil 660 (660), sunflower exp. ref. 675 (675), sunflower ref. 755 (755), rapeseed ref. oil 690 (688), rapeseed expeller ref. 660 (658) cottonseed ref. oil 643 (648) and palmolein 507 (506).
Vikram Global Commodities, Chennai quoted Malaysian super palmolein at Rs 553 ex-Chennai.