MARKET DEVELOPMENT
Weak Domestic Currency Heats Up Edible Oils
Weak Domestic Currency Heats Up Edible Oils
20/08/2013 (Hindu Business Line) - Edible oils prices increased on Monday tracking weaker rupee that plunged to a new low against the dollar and extended gains in Malaysian palm oil futures.
In Mumbai, imported palmolein, soyabean refined and sunflower refined oils increased by Rs 10 each for 10 kg; cotton refined oil was up by Rs 7 for 10 kg. Local refineries increased their rates by Rs 10 at the beginning of the day. The sentiment was firm despite routine volume on fear of further slide in domestic currency, said sources.
Shailesh Kataria of Riddhi Broker told Business Line “domestic soyabean oil futures prices have gone up by Rs 25 in the last seven days tracking bullish overseas trend”.
Sources said that during the day, 900-1,000 tonnes palmolein and 100-150 tonnes soyabean refined were traded.
At the end of the day, Liberty quoted palmolein at Rs 575, super palmolein Rs 605 and super deluxe Rs 625, soyabean refined oil Rs 665 and sunflower refined oil Rs 825. Ruchi quoted palmolein at Rs 575, soyabean refined oil Rs 665 and sunflower refined oil Rs 820.
Allana quoted palmolein at Rs 573, super palmolein at Rs 603, soyabean refined oil Rs 663 and sunflower refined oil Rs 818.
In Rajkot, groundnut oil was Rs 1,520 (Rs 1,510) for telia tin and loose (10 kg) Rs 975 (Rs 975). Soyabean arrivals increased to 80,000 bags and its prices were Rs 3,425-3,475 ex-mandi and Rs 3,525-3,550 for plant delivery.
On the National Commodities and Derivatives Exchange, soyabean refined oil’s September futures shot up by Rs 11.30 to Rs 678.20 (Rs 666.90), October higher by Rs 14.65 to Rs 653.45 (Rs 638.80) and November increased by Rs 14.50 to Rs 646.50 (Rs 632.00).
Malaysia BMD crude palm oil’s September futures settled higher at MYR 2,393 (MYR 2,367), October at MYR 2,354 (MYR 2,324) and November at MYR 2,333 (MYR 2,309).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 990 (990), soya refined oil 665 (655), sunflower exp. ref. 725 (720), sunflower ref. 815 (805), rapeseed ref. oil 710 (710), rapeseed expeller ref. 680 (680) cottonseed ref. oil 665 (658) and palmolein 565 (555).
Vikram Global Commodities (P) Ltd has quoted Rs 615 for 10 kg for Malaysia super palmolein for September delivery.
In Mumbai, imported palmolein, soyabean refined and sunflower refined oils increased by Rs 10 each for 10 kg; cotton refined oil was up by Rs 7 for 10 kg. Local refineries increased their rates by Rs 10 at the beginning of the day. The sentiment was firm despite routine volume on fear of further slide in domestic currency, said sources.
Shailesh Kataria of Riddhi Broker told Business Line “domestic soyabean oil futures prices have gone up by Rs 25 in the last seven days tracking bullish overseas trend”.
Sources said that during the day, 900-1,000 tonnes palmolein and 100-150 tonnes soyabean refined were traded.
At the end of the day, Liberty quoted palmolein at Rs 575, super palmolein Rs 605 and super deluxe Rs 625, soyabean refined oil Rs 665 and sunflower refined oil Rs 825. Ruchi quoted palmolein at Rs 575, soyabean refined oil Rs 665 and sunflower refined oil Rs 820.
Allana quoted palmolein at Rs 573, super palmolein at Rs 603, soyabean refined oil Rs 663 and sunflower refined oil Rs 818.
In Rajkot, groundnut oil was Rs 1,520 (Rs 1,510) for telia tin and loose (10 kg) Rs 975 (Rs 975). Soyabean arrivals increased to 80,000 bags and its prices were Rs 3,425-3,475 ex-mandi and Rs 3,525-3,550 for plant delivery.
On the National Commodities and Derivatives Exchange, soyabean refined oil’s September futures shot up by Rs 11.30 to Rs 678.20 (Rs 666.90), October higher by Rs 14.65 to Rs 653.45 (Rs 638.80) and November increased by Rs 14.50 to Rs 646.50 (Rs 632.00).
Malaysia BMD crude palm oil’s September futures settled higher at MYR 2,393 (MYR 2,367), October at MYR 2,354 (MYR 2,324) and November at MYR 2,333 (MYR 2,309).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 990 (990), soya refined oil 665 (655), sunflower exp. ref. 725 (720), sunflower ref. 815 (805), rapeseed ref. oil 710 (710), rapeseed expeller ref. 680 (680) cottonseed ref. oil 665 (658) and palmolein 565 (555).
Vikram Global Commodities (P) Ltd has quoted Rs 615 for 10 kg for Malaysia super palmolein for September delivery.