MARKET DEVELOPMENT
Edible Oil Heats up on Global Cues
Edible Oil Heats up on Global Cues
01/03/2014 (Hindu Business Line) - The bullish trend in edible oils continued on Friday, taking cues from the global palm and soya oil futures. However on the domestic futures market, soya oil declined on increased selling pressure. Concern over Malaysian palm oil data and unfavourable weather kept stockists away from fresh bulk bet, said a Mumbai-based broker.
On the Bombay Commodity Exchange, barring groundnut oil which ruled steady, all other edible oils posted gains. Imported palmolein and soyabean refined oil increase by ₹5 and ₹2 each for 10 kg. Cotton, sunflower and rapeseed refined oil up by ₹6, ₹5 and ₹8 each. During the day about 350-400 tonnes of palmolein were traded with local traders buying at ₹620 for ready and near delivery and ₹630 for March delivery.
End of the day, Liberty quoted palmolein at ₹630, super palmolein at ₹655, super deluxe palmolein at ₹672. Ruchi quoted palmolein at ₹632-635 and soyabean refined oil at ₹675. Allana quoted palmolein at ₹633, super palmolein at ₹653, soyabean refined oil at ₹680 and sunflower refined oil at ₹710. Resellers quoted palmolein in the range of ₹620-628.
At Rajkot, groundnut oil dropped by ₹10 to ₹1,150 ( for telia tin and loose (10 kgs) declined by ₹5 to ₹735. Malaysia crude palm oil March contracts settled higher at MYR 2,825 (MYR 2,815), April at MYR 2,805 (MYR 2,794) and May at MYR 2,800 (MYR 2,779).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 755 (755), soya refined oil 672 (670), sunflower exp. ref. 630 (625), sunflower ref. 695 (690), rapeseed ref. oil 715 (707), rapeseed expeller ref. 685 (677) cottonseed ref. oil 657 (651) and palmolein 620 (615).
On the Bombay Commodity Exchange, barring groundnut oil which ruled steady, all other edible oils posted gains. Imported palmolein and soyabean refined oil increase by ₹5 and ₹2 each for 10 kg. Cotton, sunflower and rapeseed refined oil up by ₹6, ₹5 and ₹8 each. During the day about 350-400 tonnes of palmolein were traded with local traders buying at ₹620 for ready and near delivery and ₹630 for March delivery.
End of the day, Liberty quoted palmolein at ₹630, super palmolein at ₹655, super deluxe palmolein at ₹672. Ruchi quoted palmolein at ₹632-635 and soyabean refined oil at ₹675. Allana quoted palmolein at ₹633, super palmolein at ₹653, soyabean refined oil at ₹680 and sunflower refined oil at ₹710. Resellers quoted palmolein in the range of ₹620-628.
At Rajkot, groundnut oil dropped by ₹10 to ₹1,150 ( for telia tin and loose (10 kgs) declined by ₹5 to ₹735. Malaysia crude palm oil March contracts settled higher at MYR 2,825 (MYR 2,815), April at MYR 2,805 (MYR 2,794) and May at MYR 2,800 (MYR 2,779).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 755 (755), soya refined oil 672 (670), sunflower exp. ref. 630 (625), sunflower ref. 695 (690), rapeseed ref. oil 715 (707), rapeseed expeller ref. 685 (677) cottonseed ref. oil 657 (651) and palmolein 620 (615).