MARKET DEVELOPMENT
Volatile Futures Limit Activities in Edible Oils Market
Volatile Futures Limit Activities in Edible Oils Market
10/05/2014 (Hindu Business Line) - The edible oils market turned cautious with activities being limited on Friday tracking thin volatility in the futures market amid slack physical demand. Prices of most edible oils ruled unchanged except cotton refined oil which dropped by ₹3 for 10 kg on improved selling in producing areas.
Sources said that local demand was subdued as volatile futures market and uncertainty over global crop data kept stockists away. Liberty sold about 1,000-1,200 tonnes of palmolein at ₹595 for ready to June. Resellers offloaded little quantity of palmolein at ₹592-593. Vikram Global Commodities (P) Ltd quoted ₹612/10 kg for Malaysian super palmolein. Liberty was quoting palmolein at ₹600, super palmolein ₹610 and soyabean refined oil ₹660. Allana was quoting palmolein at ₹600, soyabean refined oil ₹660 and sunflower refined oil ₹660.
At Rajkot, groundnut oil Telia tin was up ₹20 to ₹1,150 and loose (10 kg) increased by ₹15 to ₹725. Soyabean arrivals in Madhya Pradesh were around 22,000 bags and its prices were ₹4,500-4,800 at mandi level and ₹4,760-4,900 at plant level.Malaysia BMD crude palm oil’s May futures settled higher at MYR 2,645 (MYR 2,633), June MYR 2,604 (MYR 2,592) and July MYR 2,577 (MYR 2,564).
Bombay Commodity Exchange spot rates (₹/10 kg) : groundnut oil 770 (770), soya refined oil 660 (660), sunflower exp. ref. 605 (610), sunflower ref. 665 (665), rapeseed ref. oil 695 (695), rapeseed expeller ref. 665 (665) cottonseed ref. oil 665 (668) and palmolein 594 (594).
Sources said that local demand was subdued as volatile futures market and uncertainty over global crop data kept stockists away. Liberty sold about 1,000-1,200 tonnes of palmolein at ₹595 for ready to June. Resellers offloaded little quantity of palmolein at ₹592-593. Vikram Global Commodities (P) Ltd quoted ₹612/10 kg for Malaysian super palmolein. Liberty was quoting palmolein at ₹600, super palmolein ₹610 and soyabean refined oil ₹660. Allana was quoting palmolein at ₹600, soyabean refined oil ₹660 and sunflower refined oil ₹660.
At Rajkot, groundnut oil Telia tin was up ₹20 to ₹1,150 and loose (10 kg) increased by ₹15 to ₹725. Soyabean arrivals in Madhya Pradesh were around 22,000 bags and its prices were ₹4,500-4,800 at mandi level and ₹4,760-4,900 at plant level.Malaysia BMD crude palm oil’s May futures settled higher at MYR 2,645 (MYR 2,633), June MYR 2,604 (MYR 2,592) and July MYR 2,577 (MYR 2,564).
Bombay Commodity Exchange spot rates (₹/10 kg) : groundnut oil 770 (770), soya refined oil 660 (660), sunflower exp. ref. 605 (610), sunflower ref. 665 (665), rapeseed ref. oil 695 (695), rapeseed expeller ref. 665 (665) cottonseed ref. oil 665 (668) and palmolein 594 (594).