MARKET DEVELOPMENT
Edible Oils Turn Weak on Bearish Futures
Edible Oils Turn Weak on Bearish Futures
15/08/2013 (Hindu Business Line) - The edible oils market turned weak on Wednesday on slack demand and bearish futures.
Palmolein dropped by Rs 5 on profit-booking. Lower arrivals in producing centres pushed up prices of cotton and rapeseed oils by Rs 5 each for 10 kg. Groundnut, soya and sunflower oils ruled unchanged. A wholesaler said the sentiment was calm after the futures market turned bearish.
At the end of the day, Liberty quoted oalmolein at Rs 555, super palmolein Rs 582 and super deluxe Rs 602, soyabean refined oil Rs 650 and sunflower refined oil Rs 810.
Ruchi quoted palmolein Rs 555 ex-Patalganga and Rs 545 ex-JNPT, soyabean refined oil Rs 645 and sunflower refined oil Rs 800.
Allana quoted palmolein Rs 554, super palmolein Rs 582, soyabean refined oil Rs 650 and sunflower refined oil Rs 805. Gokul quoted palmolein at Rs 545. In Rajkot, groundnut oil was up by Rs 5 to Rs 1,520 (Rs 1,515) for telia tin and loose (10 kg) Rs 975 (Rs 975).
Soyabean arrivals were around 55,000 bags at Rs 3,450-3,500 ex-mandi and Rs 3,550-3,600 for plant delivery. Mustard seeds arrivals were 42,000 bags at Rs 3,300-3,610.
On the National Commodities and Derivatives Exchange, soyabean refined oil September futures declined by Rs 9.05 to Rs 653.60 (Rs 662.65), October down by Rs 8.50 to Rs 622.70 (Rs 631.20) and November dropped by Rs 8.30 to Rs 617.00 (Rs 625.30).
Malaysia BMD crude palm oil September contracts settled at MYR 2,330 (MYR 2,326), October at MYR 2,290 (MYR 2,297) and November at MYR 2,277 (MYR 2,291).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 990 (990), soya refined oil 645 (645), sunflower exp. ref. 720 (720), sunflower ref. 800 (800), rapeseed ref. oil 703 (697), rapeseed expeller ref. 673 (667) cottonseed ref. oil 655 (650) and palmolein 545 (550).
Vikram Global Commodities (P) Ltd has quoted Rs 590 for 10 kg ex-stock for Malaysia super palmolein and Rs 595 for forward delivery.
Palmolein dropped by Rs 5 on profit-booking. Lower arrivals in producing centres pushed up prices of cotton and rapeseed oils by Rs 5 each for 10 kg. Groundnut, soya and sunflower oils ruled unchanged. A wholesaler said the sentiment was calm after the futures market turned bearish.
At the end of the day, Liberty quoted oalmolein at Rs 555, super palmolein Rs 582 and super deluxe Rs 602, soyabean refined oil Rs 650 and sunflower refined oil Rs 810.
Ruchi quoted palmolein Rs 555 ex-Patalganga and Rs 545 ex-JNPT, soyabean refined oil Rs 645 and sunflower refined oil Rs 800.
Allana quoted palmolein Rs 554, super palmolein Rs 582, soyabean refined oil Rs 650 and sunflower refined oil Rs 805. Gokul quoted palmolein at Rs 545. In Rajkot, groundnut oil was up by Rs 5 to Rs 1,520 (Rs 1,515) for telia tin and loose (10 kg) Rs 975 (Rs 975).
Soyabean arrivals were around 55,000 bags at Rs 3,450-3,500 ex-mandi and Rs 3,550-3,600 for plant delivery. Mustard seeds arrivals were 42,000 bags at Rs 3,300-3,610.
On the National Commodities and Derivatives Exchange, soyabean refined oil September futures declined by Rs 9.05 to Rs 653.60 (Rs 662.65), October down by Rs 8.50 to Rs 622.70 (Rs 631.20) and November dropped by Rs 8.30 to Rs 617.00 (Rs 625.30).
Malaysia BMD crude palm oil September contracts settled at MYR 2,330 (MYR 2,326), October at MYR 2,290 (MYR 2,297) and November at MYR 2,277 (MYR 2,291).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 990 (990), soya refined oil 645 (645), sunflower exp. ref. 720 (720), sunflower ref. 800 (800), rapeseed ref. oil 703 (697), rapeseed expeller ref. 673 (667) cottonseed ref. oil 655 (650) and palmolein 545 (550).
Vikram Global Commodities (P) Ltd has quoted Rs 590 for 10 kg ex-stock for Malaysia super palmolein and Rs 595 for forward delivery.