MARKET DEVELOPMENT
Edible Oils Mixed as Market Awaits Malaysian Export Data
Edible Oils Mixed as Market Awaits Malaysian Export Data
25/01/2014 (Hindu Business Line) - The edible oils market was mixed on Friday. Weak domestic currency, expectations of a higher demand and firm domestic soya oil futures market resulted in prices yo-yoing. Soyabean and cotton refined oil rose by ₹2 and ₹5 each for 10 kg. Sunflower and rapeseed oil ruled unchanged. Groundnut and palmolein declined by ₹10 and ₹1 each. The volume was need-based due to the month-end; but traders are positive about volumes rising in the coming days.
During the day, about 650-700 tonnes of edible oils, including palmolein, soyabean and sunflower oil, were sold by local refineries for delivery up to February 15. Liberty sold about 200-250 tonnes of palmolein at ₹574; Ruchi sold 100-150 tonnes at ₹570; soyabean refined oil at ₹645 for 150-200 tonnes; and sunflower refined oil at ₹663 for 100-120 tonnes, sources said.
Market players will be watching for data on Malaysia’s palm oil shipments for the January 1-25 period, which will be released during the weekend, to gauge global food and fuel demand for palm oil, an analyst said.
Towards the day’s close, Liberty was quoting palmolein at ₹576; super palmolein at ₹596; super deluxe palmolein at ₹614 and soyabean refined oil at ₹655. Ruchi quoted palmolein at ₹575; soyabean refined oil at ₹648; and sunflower refined oil at ₹665.
Allana was quoting palmolein at ₹575; soyabean refined oil at ₹650; and sunflower refined oil at ₹670. Resellers were quoting palmolein at ₹572-573 ex-JNPT.
At Rajkot, groundnut oil declined by ₹10 at ₹1,200 (₹1,210) for telia tin and ₹765 (₹775) for loose (10 kg). Mustard arrivals were 68,000 bags and prices were ₹3,150-3,700.
On the National Commodities and Derivatives Exchange, February contracts ended at ₹688.60 (₹688.40), March at ₹676.25 (₹676.10) and April at ₹667.55 (₹668.10).
Malaysia BMD crude palm oil’s February contracts settled lower at MYR 2,577 (MYR 2586), March at MYR 2,583 (MYR 2,594) and April at MYR 2,591 (MYR 2,602).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 780 (790); soya refined oil 647 (645); sunflower exp. ref. 600 (600); sunflower ref. 665 (665); rapeseed ref. oil 730 (730); rapeseed expeller ref. 700 (700); cottonseed ref. oil 630 (625); and palmolein 568 (569).
During the day, about 650-700 tonnes of edible oils, including palmolein, soyabean and sunflower oil, were sold by local refineries for delivery up to February 15. Liberty sold about 200-250 tonnes of palmolein at ₹574; Ruchi sold 100-150 tonnes at ₹570; soyabean refined oil at ₹645 for 150-200 tonnes; and sunflower refined oil at ₹663 for 100-120 tonnes, sources said.
Market players will be watching for data on Malaysia’s palm oil shipments for the January 1-25 period, which will be released during the weekend, to gauge global food and fuel demand for palm oil, an analyst said.
Towards the day’s close, Liberty was quoting palmolein at ₹576; super palmolein at ₹596; super deluxe palmolein at ₹614 and soyabean refined oil at ₹655. Ruchi quoted palmolein at ₹575; soyabean refined oil at ₹648; and sunflower refined oil at ₹665.
Allana was quoting palmolein at ₹575; soyabean refined oil at ₹650; and sunflower refined oil at ₹670. Resellers were quoting palmolein at ₹572-573 ex-JNPT.
At Rajkot, groundnut oil declined by ₹10 at ₹1,200 (₹1,210) for telia tin and ₹765 (₹775) for loose (10 kg). Mustard arrivals were 68,000 bags and prices were ₹3,150-3,700.
On the National Commodities and Derivatives Exchange, February contracts ended at ₹688.60 (₹688.40), March at ₹676.25 (₹676.10) and April at ₹667.55 (₹668.10).
Malaysia BMD crude palm oil’s February contracts settled lower at MYR 2,577 (MYR 2586), March at MYR 2,583 (MYR 2,594) and April at MYR 2,591 (MYR 2,602).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 780 (790); soya refined oil 647 (645); sunflower exp. ref. 600 (600); sunflower ref. 665 (665); rapeseed ref. oil 730 (730); rapeseed expeller ref. 700 (700); cottonseed ref. oil 630 (625); and palmolein 568 (569).