MARKET DEVELOPMENT
Edible Oils Slip on Bearish Malaysian Export Data
Edible Oils Slip on Bearish Malaysian Export Data
03/06/2014 (Hindu Business Line) - Edible oils prices declined on Monday tracking bearish futures markets, amid slack physical demand. Disappointing export data dragged Malaysian palm oil to their lowest in nearly seven-and-a-half months. In Mumbai, palmolein declined by ₹4, sunflower and rapeseed oil declined by ₹5 for 10 kg each. Cotton refined oil dropped by ₹10.
Groundnut oil rose by ₹5. Soyabean refined oil in spot increase by ₹5 but fell by over 1.36 per cent on the NCDEX. With need-based volumes and higher selling pressure, the sentiment remained bearish, said sources. Ruchi sold 200-250 tonnes of palmolein at ₹555 for June and resellers offloaded 70-80 tonnes of palmolein at ₹556-558 ex-JNPT for ready delivery. Barring that there were no activities.
Toward’s the day’s close, Liberty was quoting palmolein at ₹560, super palmolein at ₹575 and soyabean refined oil at ₹660 for June. Ruchi was quoting palmolein at ₹555. Allana was quoting palmolein ₹558-562 ex JNPT/Khapoli; soyabean refined oil at ₹662 and sunflower refined oil at ₹667. Mewah quoted palmolein at ₹561 and super palmolein at 572. In Saurashtra, groundnut oil telia tin was steady at ₹1,070 (₹1070) and loose (10 kg) at ₹680 (₹680).
Malaysia crude palm oil June contracts settled lower at MYR 2,422 (MYR 2,426), July at MYR 2,420 (MYR 2,426) and August at MYR 2,416 (MYR 2,423).
On the Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 745 (740), soya refined oil 655 (650), sunflower exp ref 575 (580), sunflower ref 660 (660), rapeseed ref oil 668 (673), rapeseed expeller ref 638 (643) cottonseed ref oil 635 (645) and palmolein 556 (560).
Groundnut oil rose by ₹5. Soyabean refined oil in spot increase by ₹5 but fell by over 1.36 per cent on the NCDEX. With need-based volumes and higher selling pressure, the sentiment remained bearish, said sources. Ruchi sold 200-250 tonnes of palmolein at ₹555 for June and resellers offloaded 70-80 tonnes of palmolein at ₹556-558 ex-JNPT for ready delivery. Barring that there were no activities.
Toward’s the day’s close, Liberty was quoting palmolein at ₹560, super palmolein at ₹575 and soyabean refined oil at ₹660 for June. Ruchi was quoting palmolein at ₹555. Allana was quoting palmolein ₹558-562 ex JNPT/Khapoli; soyabean refined oil at ₹662 and sunflower refined oil at ₹667. Mewah quoted palmolein at ₹561 and super palmolein at 572. In Saurashtra, groundnut oil telia tin was steady at ₹1,070 (₹1070) and loose (10 kg) at ₹680 (₹680).
Malaysia crude palm oil June contracts settled lower at MYR 2,422 (MYR 2,426), July at MYR 2,420 (MYR 2,426) and August at MYR 2,416 (MYR 2,423).
On the Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 745 (740), soya refined oil 655 (650), sunflower exp ref 575 (580), sunflower ref 660 (660), rapeseed ref oil 668 (673), rapeseed expeller ref 638 (643) cottonseed ref oil 635 (645) and palmolein 556 (560).