MARKET DEVELOPMENT
Sluggish Buying, Malaysian Cues Cool Edible Oils
Sluggish Buying, Malaysian Cues Cool Edible Oils
13/03/2014 (Hindu Business Line) - Palmolein, cotton and rapeseed refined oil prices declined by ₹7, ₹5 and ₹5 respectively for 10 kg each on Wednesday on slack physical demand amid sharp drop in domestic and Malaysian palm oil futures. Groundnut oil rose by ₹10, tracking a gain of ₹15 gain in Saurashtra markets.
During the day hardly 80 -100 tones of palmolein were traded in resale at ₹632-636 whereas local refineries rates were Rs15 - Rs20 higher. Sentiment was weak said a Mumbai base broker.
Vikram Global Commodities (P) Ltd quoted ₹675/10 kg for Malaysia super palmolein March delivery. Liberty was quoting palmolein at ₹655, super palmolein ₹675, super deluxe palmolein ₹695. Ruchi quoted palmolein at ₹650, soyabean refined oil ₹695 and sunflower refined oil ₹710. Allana was quoting palmolein at ₹645, soyabean refined oil ₹700 and sunflower refined oil ₹715.
At Rajkot, groundnut oil was up at ₹1,180 (₹1,165) for telia tin and loose (10 kg) increased by ₹10 to ₹750.
Malaysia BMD crude palm oil’s March contracts settled lower at MYR 2,859 (MYR 2,912), April at MYR 2,839(MYR 2,892) and May at MYR 2,821 (MYR 2,872).
The Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 770 (760), soya refined oil 695 (695), sunflower exp. ref. 660 (660), sunflower ref. 710 (715), rapeseed ref. oil 715 (720), rapeseed expeller ref. 685 (690) cottonseed ref. oil 685 (690) and palmolein 633 (640).
During the day hardly 80 -100 tones of palmolein were traded in resale at ₹632-636 whereas local refineries rates were Rs15 - Rs20 higher. Sentiment was weak said a Mumbai base broker.
Vikram Global Commodities (P) Ltd quoted ₹675/10 kg for Malaysia super palmolein March delivery. Liberty was quoting palmolein at ₹655, super palmolein ₹675, super deluxe palmolein ₹695. Ruchi quoted palmolein at ₹650, soyabean refined oil ₹695 and sunflower refined oil ₹710. Allana was quoting palmolein at ₹645, soyabean refined oil ₹700 and sunflower refined oil ₹715.
At Rajkot, groundnut oil was up at ₹1,180 (₹1,165) for telia tin and loose (10 kg) increased by ₹10 to ₹750.
Malaysia BMD crude palm oil’s March contracts settled lower at MYR 2,859 (MYR 2,912), April at MYR 2,839(MYR 2,892) and May at MYR 2,821 (MYR 2,872).
The Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 770 (760), soya refined oil 695 (695), sunflower exp. ref. 660 (660), sunflower ref. 710 (715), rapeseed ref. oil 715 (720), rapeseed expeller ref. 685 (690) cottonseed ref. oil 685 (690) and palmolein 633 (640).