MARKET DEVELOPMENT
Volumes Subdued Due To Cautious Mood in Edible Oils
Volumes Subdued Due To Cautious Mood in Edible Oils
21/06/2013 (Hindu Business Line) - Weak domestic currency pushed up imported palmolein and soyabean refined oil by Rs 6 and Rs 10 each on Thursday. Cotton refined oil rose by Rs 8. Sunflower expeller/refined oil increased by Rs 5-20 and rapeseed oil by Rs 3 for 10 kg.
Firm trend witnessed as local refineries have increased their rates for palmolein, soyabean and sunflower oils by Rs10-15 considering higher import cost after the rupee touched Rs 60 against the dollar.
Groundnut oil declined by Rs 5 tracking good progress of sowing and hopes of higher output. Volumes remained subdued due to cautious mood.
Exports of Malaysian palm oil products for June 1-20 climbed 16.2 per cent to 9,28,810 tonnes from 7,99,405 tonnes during the same period last month, cargo surveyor Intertek Testing Services said on Thursday.
Weak demand and rise in selling pressure continued to drag groundnut oil prices.About 200-250 tonnes of palmolein were resale traded at Rs 535-540. Soyabean arrivals were about one lakh bags including 50,000-55,000 bags from Madhya Pradesh at Rs 3,900-3,925 ex-mandi and Rs 4,000-4,025 for plant delivery.
At the end of the day, Liberty quoted palmolein at Rs 560, super palmolein Rs 595 and super deluxe Rs 615. Ruchi quoted palmolein at Rs 560, soyabean refined oil Rs 690 for June-July and Rs 693 for August; sunflower refined oil at Rs 810. Gokul’s rates for palmolein were Rs 545 for July 15.
In Rajkot, groundnut oil was steady at Rs 1,480 (Rs 1,480) for telia tin and Rs 950 (Rs 950) for loose 10 kg.
On the National Commodities and Derivatives Exchange, soyabean refined oil July futures were higher by Rs 3.25 to Rs 704.25 (Rs 701.00), August was up by Rs 4.20 to Rs 698.80 (Rs 694.60) and September increased by Rs 6.15 to Rs 690.25 (Rs 684.10).
Malaysia BMD crude palm oil July contracts closed at MYR 2,459 (MYR 2,466), August ended at MYR 2,476 (MYR 2,481) and September closed at MYR 2,465 (MYR 2,472) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 975 (980); soya refined oil 685 (675); sunflower exp. ref. 740 (735); sunflower ref. 810 (790); rapeseed ref. oil 698 (695); rapeseed expeller ref. 668 (665); cottonseed ref. oil 675 (667) and palmolein 538 (532).
Vikram Global Commodities, Chennai, has quoted for Malaysian super palmolein at Rs 590 ex-Chennai for delivery in 15 days.
Firm trend witnessed as local refineries have increased their rates for palmolein, soyabean and sunflower oils by Rs10-15 considering higher import cost after the rupee touched Rs 60 against the dollar.
Groundnut oil declined by Rs 5 tracking good progress of sowing and hopes of higher output. Volumes remained subdued due to cautious mood.
Exports of Malaysian palm oil products for June 1-20 climbed 16.2 per cent to 9,28,810 tonnes from 7,99,405 tonnes during the same period last month, cargo surveyor Intertek Testing Services said on Thursday.
Weak demand and rise in selling pressure continued to drag groundnut oil prices.About 200-250 tonnes of palmolein were resale traded at Rs 535-540. Soyabean arrivals were about one lakh bags including 50,000-55,000 bags from Madhya Pradesh at Rs 3,900-3,925 ex-mandi and Rs 4,000-4,025 for plant delivery.
At the end of the day, Liberty quoted palmolein at Rs 560, super palmolein Rs 595 and super deluxe Rs 615. Ruchi quoted palmolein at Rs 560, soyabean refined oil Rs 690 for June-July and Rs 693 for August; sunflower refined oil at Rs 810. Gokul’s rates for palmolein were Rs 545 for July 15.
In Rajkot, groundnut oil was steady at Rs 1,480 (Rs 1,480) for telia tin and Rs 950 (Rs 950) for loose 10 kg.
On the National Commodities and Derivatives Exchange, soyabean refined oil July futures were higher by Rs 3.25 to Rs 704.25 (Rs 701.00), August was up by Rs 4.20 to Rs 698.80 (Rs 694.60) and September increased by Rs 6.15 to Rs 690.25 (Rs 684.10).
Malaysia BMD crude palm oil July contracts closed at MYR 2,459 (MYR 2,466), August ended at MYR 2,476 (MYR 2,481) and September closed at MYR 2,465 (MYR 2,472) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 975 (980); soya refined oil 685 (675); sunflower exp. ref. 740 (735); sunflower ref. 810 (790); rapeseed ref. oil 698 (695); rapeseed expeller ref. 668 (665); cottonseed ref. oil 675 (667) and palmolein 538 (532).
Vikram Global Commodities, Chennai, has quoted for Malaysian super palmolein at Rs 590 ex-Chennai for delivery in 15 days.