MARKET DEVELOPMENT
Ample Supply Seen Capping Edible Oils’ Rise
Ample Supply Seen Capping Edible Oils’ Rise
09/08/2013 (Hindu Business Line) - The edible oils market was mixed on Thursday. Following improved festival demand, sentiment in indigenous oils ruled firm at producing level pushing groundnut oil by Rs 10, sunflower expeller oil and cotton refined oil by Rs 5 each in Mumbai.
As supply is ample, market trend will depend on how demand emerges. World market will also see higher supply of edible oils in the coming days. All that will cap the sudden price rise.
Liberty sold 150-200 tonnes palmolein at Rs 540, Allana sold 150-200 tonnes at Rs 540, soyabean refined oil 100-150 tonnes at Rs 637 and sunflower refined oil 50-60 tonnes at Rs 795. Resellers off-loaded 150-200 tonnes palmolein at Rs 538-540.
Liberty quoted palmolein at Rs 540, super palmolein Rs 575 and super deluxe Rs 595, soyabean refined oil Rs 644 and sunflower refined oil at Rs 805. Ruchi quoted palmolein Rs 540, soyabean refined oil Rs 640 and sunflower refined oil Rs 800. Allana quoted palmolein at Rs 542, super palmolein Rs 575, soyabean refined oil Rs 640 and sunflower refined oil Rs 800.
In Rajkot, groundnut oil ruled steady at Rs 1,560 (Rs 1,560) for telia tin and loose 10 kg to Rs 1,000 (Rs 1,000). On the National Commodities and Derivatives Exchange, soyabean refined oil’s September futures were higher at Rs 646.60 (Rs 645.40), October was down Rs 619.05 (Rs 619.25) and November at Rs 615.25 (Rs 615.35).
On Wednesday, Malaysia BMD crude palm oil’s September futures ended at MYR 2,236, October MYR 2,207 and November MYR 2,201 dropping to a lowest in more than a week on market talk that production growth in Malaysia was significantly higher last month, stoking concerns about a potential build up in stocks.
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 990 (980), soya refined oil 638 (640), sunflower exp. ref. 725 (720), sunflower ref. 800 (800), rapeseed ref. oil 694 (694), rapeseed expeller ref. 664 (664) cottonseed ref. oil 647 (642) and palmolein 540 (540).
Vikram Global Commodities (P) Ltd quoted Rs for 10 kg Malaysian super palmolein for delivery.
As supply is ample, market trend will depend on how demand emerges. World market will also see higher supply of edible oils in the coming days. All that will cap the sudden price rise.
Liberty sold 150-200 tonnes palmolein at Rs 540, Allana sold 150-200 tonnes at Rs 540, soyabean refined oil 100-150 tonnes at Rs 637 and sunflower refined oil 50-60 tonnes at Rs 795. Resellers off-loaded 150-200 tonnes palmolein at Rs 538-540.
Liberty quoted palmolein at Rs 540, super palmolein Rs 575 and super deluxe Rs 595, soyabean refined oil Rs 644 and sunflower refined oil at Rs 805. Ruchi quoted palmolein Rs 540, soyabean refined oil Rs 640 and sunflower refined oil Rs 800. Allana quoted palmolein at Rs 542, super palmolein Rs 575, soyabean refined oil Rs 640 and sunflower refined oil Rs 800.
In Rajkot, groundnut oil ruled steady at Rs 1,560 (Rs 1,560) for telia tin and loose 10 kg to Rs 1,000 (Rs 1,000). On the National Commodities and Derivatives Exchange, soyabean refined oil’s September futures were higher at Rs 646.60 (Rs 645.40), October was down Rs 619.05 (Rs 619.25) and November at Rs 615.25 (Rs 615.35).
On Wednesday, Malaysia BMD crude palm oil’s September futures ended at MYR 2,236, October MYR 2,207 and November MYR 2,201 dropping to a lowest in more than a week on market talk that production growth in Malaysia was significantly higher last month, stoking concerns about a potential build up in stocks.
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 990 (980), soya refined oil 638 (640), sunflower exp. ref. 725 (720), sunflower ref. 800 (800), rapeseed ref. oil 694 (694), rapeseed expeller ref. 664 (664) cottonseed ref. oil 647 (642) and palmolein 540 (540).
Vikram Global Commodities (P) Ltd quoted Rs for 10 kg Malaysian super palmolein for delivery.