MARKET DEVELOPMENT
Imported Edible Oils Fall Ahead of US Data
Imported Edible Oils Fall Ahead of US Data
12/06/2014 (Hindu Business Line) - Imported palmolein and soya oil were under pressure towards the end of trade on Wednesday on fears that the USDA could come up with a bearish data later in the day. On Bombay Commodity Exchange palmolein dropped by ₹2 for 10 kg and groundnut oil erased previous day’s gain of ₹10. Soya and sunflower oil ruled steady. Cotton and rapeseed oil increased by ₹9 and ₹8 each.
Sources said volume remained need-based ahead of USDA data in the spot market. During the day, over 650-700 tonnes of palmolein changed hands in which re-sellers offloaded at ₹545 and Ruchi at ₹551. Malaysian palm oil futures slid to a near eight-month low as worries over rising edible oil supplies amid lagging demand weighed, although expectations of a potential El Nino hitting crops curbed losses, sources said.
Vikram Global Commodities (P) Ltd, Chennai quoted ₹595 for 10-kg Malaysian Super Palmolein June Delivery.
Liberty was quoting palmolein at ₹557, Super palmolein at ₹570 and refined soya oil ₹645. Ruchi was quoting palmolein ₹551, refined soya oil ₹635 and refined sunflower oil at ₹638. Allana was quoting palmolein at ₹552/₹555 Ex JNPT/Khapoli, refned soya oil ₹640 and refined sunflower oil ₹655.
In Saurashtra, groundnut oil Telia Tin again declined to ₹1080 (₹1100) and loose (10 kg) ₹680 (₹700). Malaysia BMD crude palm oil’s June-14 settled lower at MYR 2,380 (MYR 2,386) and July -14 at MYR 2,386 (MYR 2,392) and August -14 settled at MYR 2,379 (MYR 2,385).
On The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 730 (740), soya refined oil 640 (640), sunflower exp. ref. 575 (575), sunflower ref. 640 (645), rapeseed ref. oil 678 (670), rapeseed expeller ref. 648 (640) cottonseed ref. oil 645 (636) and palmolein 551 (553).
Sources said volume remained need-based ahead of USDA data in the spot market. During the day, over 650-700 tonnes of palmolein changed hands in which re-sellers offloaded at ₹545 and Ruchi at ₹551. Malaysian palm oil futures slid to a near eight-month low as worries over rising edible oil supplies amid lagging demand weighed, although expectations of a potential El Nino hitting crops curbed losses, sources said.
Vikram Global Commodities (P) Ltd, Chennai quoted ₹595 for 10-kg Malaysian Super Palmolein June Delivery.
Liberty was quoting palmolein at ₹557, Super palmolein at ₹570 and refined soya oil ₹645. Ruchi was quoting palmolein ₹551, refined soya oil ₹635 and refined sunflower oil at ₹638. Allana was quoting palmolein at ₹552/₹555 Ex JNPT/Khapoli, refned soya oil ₹640 and refined sunflower oil ₹655.
In Saurashtra, groundnut oil Telia Tin again declined to ₹1080 (₹1100) and loose (10 kg) ₹680 (₹700). Malaysia BMD crude palm oil’s June-14 settled lower at MYR 2,380 (MYR 2,386) and July -14 at MYR 2,386 (MYR 2,392) and August -14 settled at MYR 2,379 (MYR 2,385).
On The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 730 (740), soya refined oil 640 (640), sunflower exp. ref. 575 (575), sunflower ref. 640 (645), rapeseed ref. oil 678 (670), rapeseed expeller ref. 648 (640) cottonseed ref. oil 645 (636) and palmolein 551 (553).