MARKET DEVELOPMENT
Stockists Keep Away From Palmolein
Stockists Keep Away From Palmolein
07/04/2014 (Hindu Business Line) - Edible oil prices dropped on Monday in the absence of positive cues from overseas markets and weak physical demand. Groundnut oil, sunflower oil and rapeseed oil declined by ₹20, ₹10 and ₹3 respectively for 10 kg.
Palmolein, cotton and soyabean refined oil ruled unchanged. The volume was thin and isolated in palmolein as stockists kept away.
Sources said that slack physical demand kept the volume thin and isolated in palmolein as local refineries were offering at a ₹5 discount. Resellers offered palmolein at ₹610 later in the day.
In physical market hardly 80-100 tonnes of palmolein were traded in resale at 610 ex-JNPT.
Towards the end of the day, Liberty quoted palmolein at ₹620, super palmolein at ₹640 and soyabean refined oil at ₹660. Ruchi quoted palmolein at ₹615, soyabean refined oil at ₹660 and sunflower refined oil at ₹680. Allana quoted palmolein at ₹615, soyabean refined oil at ₹660 and sunflower refined oil at ₹690.
At Rajkot, groundnut oil Telia decline by ₹10 to ₹1,150 (₹1,160) and loose (10 kg) dropped by ₹5 to ₹735 (₹740).
Malaysia BMD crude palm oil April contracts settled lower by MYR 40 at MYR 2,668 (MYR 2,705), May dropped to MYR 2,642 (MYR 2,678) and June to MYR 2,622 (MYR 2,658).
On The Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 750 (770), soya refined oil 660 (660), sunflower exp. ref. 615 (610), sunflower ref. 680 (690), rapeseed ref. oil 685 (688), rapeseed expeller ref. 655 (658) cottonseed ref. oil 665 (665) and palmolein 615 (615).
Palmolein, cotton and soyabean refined oil ruled unchanged. The volume was thin and isolated in palmolein as stockists kept away.
Sources said that slack physical demand kept the volume thin and isolated in palmolein as local refineries were offering at a ₹5 discount. Resellers offered palmolein at ₹610 later in the day.
In physical market hardly 80-100 tonnes of palmolein were traded in resale at 610 ex-JNPT.
Towards the end of the day, Liberty quoted palmolein at ₹620, super palmolein at ₹640 and soyabean refined oil at ₹660. Ruchi quoted palmolein at ₹615, soyabean refined oil at ₹660 and sunflower refined oil at ₹680. Allana quoted palmolein at ₹615, soyabean refined oil at ₹660 and sunflower refined oil at ₹690.
At Rajkot, groundnut oil Telia decline by ₹10 to ₹1,150 (₹1,160) and loose (10 kg) dropped by ₹5 to ₹735 (₹740).
Malaysia BMD crude palm oil April contracts settled lower by MYR 40 at MYR 2,668 (MYR 2,705), May dropped to MYR 2,642 (MYR 2,678) and June to MYR 2,622 (MYR 2,658).
On The Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 750 (770), soya refined oil 660 (660), sunflower exp. ref. 615 (610), sunflower ref. 680 (690), rapeseed ref. oil 685 (688), rapeseed expeller ref. 655 (658) cottonseed ref. oil 665 (665) and palmolein 615 (615).