MARKET DEVELOPMENT
Heat in US, Rain in India Drive Up Edible Oils
Heat in US, Rain in India Drive Up Edible Oils
28/08/2013 (Hindu Business Line) - A sudden spurt in domestic and overseas futures market lifted prices of imported edible oils here on Monday, despite month-end need-based demand.
Taking cues from Malaysian palm oil, local refineries raised their rates for palmolein and soyabean refined oil higher by Rs 15-20 respectively for 10 kg. Indigenous edible oils were mixed.
On the Bombay Commodity exchange, palmolein rose by Rs 8, soyabean refined oil by Rs 15 and cotton refined oil by Rs 7 for 10 kg due to lower demand. Groundnut oil declined by Rs 5 while sunflower and rapeseed oils ruled steady.
An observer said that weak domestic currency and firm foreign market lifted the sentiment in the physical market.
Saurashtra millers have started offering groundnut oil at lower rates on expectation of early arrivals of crops and higher output weigh on sentiment.
Report of heavy loss of standing crops in Madhya Pradesh due to heavy rain and flood situation in Gujarat, Uttar Pradesh have lifted the sentiment in futures markets.
In Mumbai during the day, needy buyers have bought about 200-250 tonnes palmolein at Rs 580-581 in resale while refineries rates were higher.
Liberty quoted palmolein Rs 600, super palmolein Rs 630 and super deluxe Rs 650, soyabean refined oil Rs 690 and sunflower refined oil Rs 825. Ruchi quoted palmolein Rs 610, soyabean refined oil Rs 685 and sunflower refined oil Rs 825. Allana quoted palmolein Rs 600, super palmolein Rs 630, soyabean refined oil Rs 685 and sunflower refined oil Rs 820.
In Rajkot, groundnut oil declined to Rs 1,255 (Rs 1,260) for telia tin and loose (10 kg) to Rs 800 (Rs 800).
On National Commodities and Derivatives Exchange, soyabean refined oil’s September futures jumped by Rs 16.10 to Rs 701.50 (Rs 685.40).
October was higher by Rs 21.90 to Rs 681.95 (Rs 660.05).
November increase by Rs 24.30 to Rs 674.80 (Rs 650.50).
Malaysia BMD crude palm oil’s September contracts was MYR 2,483 (MYR 2,419), October at MYR 2,449 (MYR 2,385) and November at MYR 2,434 (MYR 2,367).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 850 (855), soya refined oil 680 (665), sunflower expeller refined 725 (730), sunflower refined 815 (815), rapeseed refined oil 726 (726), rapeseed expeller refined 696 (696) cottonseed refined oil 672 (665) and palmolein 580 (572).
Vikram Global Commodities (P) Ltd quoted Rs 640 for 10 kg for Malaysia super palmolein, September delivery.
Taking cues from Malaysian palm oil, local refineries raised their rates for palmolein and soyabean refined oil higher by Rs 15-20 respectively for 10 kg. Indigenous edible oils were mixed.
On the Bombay Commodity exchange, palmolein rose by Rs 8, soyabean refined oil by Rs 15 and cotton refined oil by Rs 7 for 10 kg due to lower demand. Groundnut oil declined by Rs 5 while sunflower and rapeseed oils ruled steady.
An observer said that weak domestic currency and firm foreign market lifted the sentiment in the physical market.
Saurashtra millers have started offering groundnut oil at lower rates on expectation of early arrivals of crops and higher output weigh on sentiment.
Report of heavy loss of standing crops in Madhya Pradesh due to heavy rain and flood situation in Gujarat, Uttar Pradesh have lifted the sentiment in futures markets.
In Mumbai during the day, needy buyers have bought about 200-250 tonnes palmolein at Rs 580-581 in resale while refineries rates were higher.
Liberty quoted palmolein Rs 600, super palmolein Rs 630 and super deluxe Rs 650, soyabean refined oil Rs 690 and sunflower refined oil Rs 825. Ruchi quoted palmolein Rs 610, soyabean refined oil Rs 685 and sunflower refined oil Rs 825. Allana quoted palmolein Rs 600, super palmolein Rs 630, soyabean refined oil Rs 685 and sunflower refined oil Rs 820.
In Rajkot, groundnut oil declined to Rs 1,255 (Rs 1,260) for telia tin and loose (10 kg) to Rs 800 (Rs 800).
On National Commodities and Derivatives Exchange, soyabean refined oil’s September futures jumped by Rs 16.10 to Rs 701.50 (Rs 685.40).
October was higher by Rs 21.90 to Rs 681.95 (Rs 660.05).
November increase by Rs 24.30 to Rs 674.80 (Rs 650.50).
Malaysia BMD crude palm oil’s September contracts was MYR 2,483 (MYR 2,419), October at MYR 2,449 (MYR 2,385) and November at MYR 2,434 (MYR 2,367).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 850 (855), soya refined oil 680 (665), sunflower expeller refined 725 (730), sunflower refined 815 (815), rapeseed refined oil 726 (726), rapeseed expeller refined 696 (696) cottonseed refined oil 672 (665) and palmolein 580 (572).
Vikram Global Commodities (P) Ltd quoted Rs 640 for 10 kg for Malaysia super palmolein, September delivery.