MARKET DEVELOPMENT
Bullish Futures Heat up Edible Oils Market
Bullish Futures Heat up Edible Oils Market
15/02/2014 (Hindu Business Line) - Edible oil prices rose sharply on Friday tracking bullish futures markets. On the Bombay Commodity Exchange, baring groundnut oil all other edible oils rose by ₹5-13 for 10 kg. Imported soya oil increased by ₹13 and palmolein by ₹9 respectively.
Local refineries have increased rates for imported oils by ₹10-15 tracking continuous gains in Malaysian palm oil. In the local market, palmolein touched the ₹600-mark, the highest since November-end.
Malaysian palm oil futures hit their highest in six weeks on Friday on concerns that dry weather in Brazil helped support soyabean oil prices and indirectly palm oil as well, said analyst.
At the end of the day, Liberty was quoting palmolein at ₹610, super palmolein ₹630, super deluxe palmolein ₹650. Ruchi quoted Palmolein ₹600-605, soyabean refined oil ₹665 and sunflower refined oil ₹675. Allana was quoting palmolein at ₹608, super palmolein ₹628, soyabean refined oil ₹670 and sunflower refined oil ₹680.
At Rajkot, groundnut oil eased by ₹10 to ₹1,140 (₹1,150) for telia tin and loose (10 kg) down by ₹20 to ₹730 (₹750). Soyabean arrivals were around 80,000 bags and prices were ₹3,700-3,900 ex-mandi and ₹3,900-4,000 plant delivery in Madhya Pradesh, while in Maharashtra it was ₹3,750-3,830 a quintal. Mustard arrivals were 90,000 bags and prices were ₹3,200-₹3,700.
On National Commodities and Derivatives Exchange, March contracts close higher by ₹3.05 to ₹690.75 (₹ 687.95) and April ended up by ₹1.65 to ₹684.20 (₹682.55).
Malaysia crude palm oil’s March contracts settled higher at MYR 2,661 (MYR 2,652) and April up at MYR 2,665 (MYR 2,656).
The Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 750 (740), soya refined oil 665 (652), sunflower exp. ref. 610 (610), sunflower ref. 675 (670), rapeseed ref. oil 705 (703), rapeseed expeller ref. 675 (673) cottonseed ref. oil 630 (624) and palmolein 595 (586).
Local refineries have increased rates for imported oils by ₹10-15 tracking continuous gains in Malaysian palm oil. In the local market, palmolein touched the ₹600-mark, the highest since November-end.
Malaysian palm oil futures hit their highest in six weeks on Friday on concerns that dry weather in Brazil helped support soyabean oil prices and indirectly palm oil as well, said analyst.
At the end of the day, Liberty was quoting palmolein at ₹610, super palmolein ₹630, super deluxe palmolein ₹650. Ruchi quoted Palmolein ₹600-605, soyabean refined oil ₹665 and sunflower refined oil ₹675. Allana was quoting palmolein at ₹608, super palmolein ₹628, soyabean refined oil ₹670 and sunflower refined oil ₹680.
At Rajkot, groundnut oil eased by ₹10 to ₹1,140 (₹1,150) for telia tin and loose (10 kg) down by ₹20 to ₹730 (₹750). Soyabean arrivals were around 80,000 bags and prices were ₹3,700-3,900 ex-mandi and ₹3,900-4,000 plant delivery in Madhya Pradesh, while in Maharashtra it was ₹3,750-3,830 a quintal. Mustard arrivals were 90,000 bags and prices were ₹3,200-₹3,700.
On National Commodities and Derivatives Exchange, March contracts close higher by ₹3.05 to ₹690.75 (₹ 687.95) and April ended up by ₹1.65 to ₹684.20 (₹682.55).
Malaysia crude palm oil’s March contracts settled higher at MYR 2,661 (MYR 2,652) and April up at MYR 2,665 (MYR 2,656).
The Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 750 (740), soya refined oil 665 (652), sunflower exp. ref. 610 (610), sunflower ref. 675 (670), rapeseed ref. oil 705 (703), rapeseed expeller ref. 675 (673) cottonseed ref. oil 630 (624) and palmolein 595 (586).