MARKET DEVELOPMENT
Edible Oils Gain As Stockists Book Fresh Orders
Edible Oils Gain As Stockists Book Fresh Orders
11/02/2014 (Hindu Business Line) - Prices of edible oils ruled firm on Monday, tracking extended gains in the futures market amid higher physical demand. Spot prices increased by ₹3 for 10 kg for palmolein, as the Malaysian palm oil February and March futures jumped by 50 and 40 ringgits/tonne, respectively. Other soft edible oils ruled steady and groundnut oil dropped by ₹10 in the local market.
Malaysian palm oil futures closed higher, stretching gains into a fourth straight session to touch near a three-week high, as a rally in overseas soya markets continued amid hopes of higher exports of the tropical oil. “Tracking bullish foreign markets, local stockists came forward with fresh orders and booked more than 2,000 tonnes of palmolein for forward delivery. Foreign markets jumped on hopes of bullish key data on palm oil and Chicago soyabeans were holding on to last week’s biggest gain in more than five months on expectations the US Government will reduce its supply estimates in a key report due later in the day,” a Mumbai-based broker told Business Line.
Liberty sold around 1,200 tonnes at ₹590 and Ruchi offloaded about 800 tonnes at ₹585-590. Resellers sold about 150-200 tonnes at ₹583-585. Other soft oils also took the lead from palm oil and were firm, but volumes in these oils remained thin and isolated, sources said.
Towards the day’s close, Liberty quoted palmolein at ₹592; super palmolein at ₹616; and super deluxe palmolein at ₹636. Ruchi quoted palmolein at ₹587-592; soyabean refined oil at ₹655; and sunflower refined oil at ₹670.
Allana was quoting palmolein at ₹593; super palmolein at ₹614; soyabean refined oil at ₹657; and sunflower refined oil at ₹675.
At Rajkot, groundnut oil ruled steady at ₹1,140 (₹1,140) for telia tin and Loose (10 kg) up by ₹5 at ₹730 (₹725). Soyabean arrivals were around 1.25 lakh bags and its prices in Madhya Pradesh were ₹3,700-3,900 ex-mandi and ₹3,900-3,970 plant delivery. In Maharashtra, it was ₹3,680-3,850/quintal. On the National Commodities and Derivatives Exchange, February -14 contracts closed higher by ₹6.30 at ₹690.60 (₹684.30); March-14 closed by ₹9.85 at ₹687.00 (₹677.15); and April ended up by ₹10.90 to ₹682.80 (₹671.90).
Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 740 (750), soya refined oil 650 (650), sunflower exp. ref. 610 (610), sunflower ref. 670 (670), rapeseed ref. oil 703 (703), rapeseed expeller ref. 673 (673) cottonseed ref. oil 625 (625) and palmolein 585 (582).
Malaysian palm oil futures closed higher, stretching gains into a fourth straight session to touch near a three-week high, as a rally in overseas soya markets continued amid hopes of higher exports of the tropical oil. “Tracking bullish foreign markets, local stockists came forward with fresh orders and booked more than 2,000 tonnes of palmolein for forward delivery. Foreign markets jumped on hopes of bullish key data on palm oil and Chicago soyabeans were holding on to last week’s biggest gain in more than five months on expectations the US Government will reduce its supply estimates in a key report due later in the day,” a Mumbai-based broker told Business Line.
Liberty sold around 1,200 tonnes at ₹590 and Ruchi offloaded about 800 tonnes at ₹585-590. Resellers sold about 150-200 tonnes at ₹583-585. Other soft oils also took the lead from palm oil and were firm, but volumes in these oils remained thin and isolated, sources said.
Towards the day’s close, Liberty quoted palmolein at ₹592; super palmolein at ₹616; and super deluxe palmolein at ₹636. Ruchi quoted palmolein at ₹587-592; soyabean refined oil at ₹655; and sunflower refined oil at ₹670.
Allana was quoting palmolein at ₹593; super palmolein at ₹614; soyabean refined oil at ₹657; and sunflower refined oil at ₹675.
At Rajkot, groundnut oil ruled steady at ₹1,140 (₹1,140) for telia tin and Loose (10 kg) up by ₹5 at ₹730 (₹725). Soyabean arrivals were around 1.25 lakh bags and its prices in Madhya Pradesh were ₹3,700-3,900 ex-mandi and ₹3,900-3,970 plant delivery. In Maharashtra, it was ₹3,680-3,850/quintal. On the National Commodities and Derivatives Exchange, February -14 contracts closed higher by ₹6.30 at ₹690.60 (₹684.30); March-14 closed by ₹9.85 at ₹687.00 (₹677.15); and April ended up by ₹10.90 to ₹682.80 (₹671.90).
Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 740 (750), soya refined oil 650 (650), sunflower exp. ref. 610 (610), sunflower ref. 670 (670), rapeseed ref. oil 703 (703), rapeseed expeller ref. 673 (673) cottonseed ref. oil 625 (625) and palmolein 585 (582).