MARKET DEVELOPMENT
Lukewarm Response to Edible Oil Resellers’ Offerings
Lukewarm Response to Edible Oil Resellers’ Offerings
09/01/2014 (Hindu Business Line) - Edible oil prices fell further on Wednesday by Rs 5 for 10 kg as the futures market declined and physical demand was low. Imported palmolein and soyabean refined oil dropped by Rs 5 each. Sunflower and rapeseed oil dipped by Rs 5 and Rs 3, respectively.
Groundnut oil and cotton oil ruled unchanged. Malaysian palm oil futures dropped near two-month low on worries that rising supplies may outstrip global demand. Prices were pressured by continued weakness in the US and China soya markets, an analyst said. Meanwhile, Malaysian palm oil stocks in December is likely to have dropped for the first time in six months after monsoon rain and floods dented production in some parts.
Stockists came up with the fresh orders and bought about 750-800 tonnes of palmolein at levels of Rs 565 for delivery up till this month-end from local refineries. Resellers offered palmolein at Rs 563, but the response was lukewarm. Indigenous edible oils were under selling pressure. Towards the day’s close, Liberty quoted palmolein at Rs 572, super palmolein at Rs 592, super deluxe palmolein at Rs 612, soyabean refined oil at Rs 650 and sunflower refined oil at Rs 700. Ruchi quoted palmolein at Rs 568 for January 15; Rs 570 for January 16-31; and Rs 570 ex JNPT.
Soyabean refined oil was quoted at Rs 640 and sunflower refined oil at Rs 670. Allana quoted palmolein at Rs 568-570, soyabean refined oil at Rs 645 and sunflower refined oil at Rs 670. Resellers were quoting palmolein at Rs 562 -563 ex JNPT.
In Rajkot, groundnut oil further declined by Rs 10 to touch Rs 1,220 (Rs 1,230) for telia tin and Rs 780 (Rs 780) for loose (10 kg). Mustard arrivals were 65,000 bags and prices were Rs 3,250-3,650.
Malaysia BMD crude palm oil February contracts settled lower at MYR 2,529 (MYR 2,542); March settled at MYR 2,547 (MYR 2561); and April at MYR 2,556 (MYR 2,569).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 790 (790), soya refined oil 640 (645), sunflower exp. ref. 615 (630), sunflower ref. 670 (675), rapeseed ref. oil 732 (735), rapeseed expeller ref. 702 (705) cottonseed ref. oil 605 (605) and palmolein 565 (570).
Vikram Global Commodities (P) Ltd quoted Rs 610/10 kg for Malaysia super palmolein January delivery.
Groundnut oil and cotton oil ruled unchanged. Malaysian palm oil futures dropped near two-month low on worries that rising supplies may outstrip global demand. Prices were pressured by continued weakness in the US and China soya markets, an analyst said. Meanwhile, Malaysian palm oil stocks in December is likely to have dropped for the first time in six months after monsoon rain and floods dented production in some parts.
Stockists came up with the fresh orders and bought about 750-800 tonnes of palmolein at levels of Rs 565 for delivery up till this month-end from local refineries. Resellers offered palmolein at Rs 563, but the response was lukewarm. Indigenous edible oils were under selling pressure. Towards the day’s close, Liberty quoted palmolein at Rs 572, super palmolein at Rs 592, super deluxe palmolein at Rs 612, soyabean refined oil at Rs 650 and sunflower refined oil at Rs 700. Ruchi quoted palmolein at Rs 568 for January 15; Rs 570 for January 16-31; and Rs 570 ex JNPT.
Soyabean refined oil was quoted at Rs 640 and sunflower refined oil at Rs 670. Allana quoted palmolein at Rs 568-570, soyabean refined oil at Rs 645 and sunflower refined oil at Rs 670. Resellers were quoting palmolein at Rs 562 -563 ex JNPT.
In Rajkot, groundnut oil further declined by Rs 10 to touch Rs 1,220 (Rs 1,230) for telia tin and Rs 780 (Rs 780) for loose (10 kg). Mustard arrivals were 65,000 bags and prices were Rs 3,250-3,650.
Malaysia BMD crude palm oil February contracts settled lower at MYR 2,529 (MYR 2,542); March settled at MYR 2,547 (MYR 2561); and April at MYR 2,556 (MYR 2,569).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 790 (790), soya refined oil 640 (645), sunflower exp. ref. 615 (630), sunflower ref. 670 (675), rapeseed ref. oil 732 (735), rapeseed expeller ref. 702 (705) cottonseed ref. oil 605 (605) and palmolein 565 (570).
Vikram Global Commodities (P) Ltd quoted Rs 610/10 kg for Malaysia super palmolein January delivery.