MARKET DEVELOPMENT
Stockists’ Entry, Firm Futures Heat up Palm Oil
Stockists’ Entry, Firm Futures Heat up Palm Oil
01/01/2014 (Hindu Business Line) - A negative trend was witnessed in edible oils on Tuesday. Rebound in Malaysian palm oil futures lifted sentiment in palmolein and soya oil in domestic market late evening leading to a higher volume.
In Mumbai spot market, palmolein rose by Rs 2 while soya oil declined by Rs 5 as a leading refinery reduced its rates by Rs 10 for 10 kg. Groundnut dropped by Rs 5. Rapeseed oil, cotton and sunflower oil were unchanged.
According to trade sources, “tracking firm futures markets stockists came forward with fresh orders and bought 700-750 tonnes of palmolein from Liberty at Rs 575-576 for weekly and January delivery respectively. They bought 200-250 tonnes of soyabean refined oil at Rs 645 and 100-150 tonnes of sunflower refined oil at Rs 675 from Ruchi. Resellers offloaded 150-200 tonnes of palmolein at Rs 568-570 for ready ex JNPT. Other indigenous edible oils were under pressure on hope of higher arrivals and crushing of seeds in January. Local demand is also expected to rise with the start of new month.”
Towards the day’s close, Liberty was quoting palmolein at Rs 575, super palmolein Rs 596, super deluxe palmolein Rs 616, soyabean refined oil Rs 665 and sunflower refined oil Rs 710.
Ruchi quoted palmolein at Rs 575, soyabean refined oil Rs 645 (Rs 10 lower than previous day) and sunflower refined oil Rs 675. Allana was quoting palmolein at Rs 576, super deluxe Rs 615, soyabean refined oil Rs 665 and sunflower refined oil Rs 700.
Soyabean arrivals were 1.80 lakh bags and prices were Rs 3,700-3,900 ex mandi in Madhya Pradesh and Rs 3,900-80 plant delivery. Mustard seed arrivals were 64,000 bags and its prices were Rs 3,200-3,600.
Malaysia BMD crude palm oil’s January settled higher at MYR 2,628 (MYR 2,603), February at MYR 2,649 (MYR 2,624) and March at MYR 2,659 (MYR 2,631).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 805 (810), soya refined oil 650 (655), sunflower exp. ref. 635 (635), sunflower ref. 680 (680), rapeseed ref. oil 735 (735), rapeseed expeller ref. 705 (705) cottonseed ref. oil 615 (615) and palmolein 572 (570).
In Mumbai spot market, palmolein rose by Rs 2 while soya oil declined by Rs 5 as a leading refinery reduced its rates by Rs 10 for 10 kg. Groundnut dropped by Rs 5. Rapeseed oil, cotton and sunflower oil were unchanged.
According to trade sources, “tracking firm futures markets stockists came forward with fresh orders and bought 700-750 tonnes of palmolein from Liberty at Rs 575-576 for weekly and January delivery respectively. They bought 200-250 tonnes of soyabean refined oil at Rs 645 and 100-150 tonnes of sunflower refined oil at Rs 675 from Ruchi. Resellers offloaded 150-200 tonnes of palmolein at Rs 568-570 for ready ex JNPT. Other indigenous edible oils were under pressure on hope of higher arrivals and crushing of seeds in January. Local demand is also expected to rise with the start of new month.”
Towards the day’s close, Liberty was quoting palmolein at Rs 575, super palmolein Rs 596, super deluxe palmolein Rs 616, soyabean refined oil Rs 665 and sunflower refined oil Rs 710.
Ruchi quoted palmolein at Rs 575, soyabean refined oil Rs 645 (Rs 10 lower than previous day) and sunflower refined oil Rs 675. Allana was quoting palmolein at Rs 576, super deluxe Rs 615, soyabean refined oil Rs 665 and sunflower refined oil Rs 700.
Soyabean arrivals were 1.80 lakh bags and prices were Rs 3,700-3,900 ex mandi in Madhya Pradesh and Rs 3,900-80 plant delivery. Mustard seed arrivals were 64,000 bags and its prices were Rs 3,200-3,600.
Malaysia BMD crude palm oil’s January settled higher at MYR 2,628 (MYR 2,603), February at MYR 2,649 (MYR 2,624) and March at MYR 2,659 (MYR 2,631).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 805 (810), soya refined oil 650 (655), sunflower exp. ref. 635 (635), sunflower ref. 680 (680), rapeseed ref. oil 735 (735), rapeseed expeller ref. 705 (705) cottonseed ref. oil 615 (615) and palmolein 572 (570).