MARKET DEVELOPMENT
Edible Oils Gain on Slow Kharif Planting
Edible Oils Gain on Slow Kharif Planting
01/07/2014 (Hindu Business Line) - Indigenous edible oils such as groundnut, sunflower and rapeseed oil witnessed an uptrend on Monday on the back of deficient rain and slow progress in kharif sowing. Prices of these oils rose by ₹10, ₹5 and ₹5 each. Imported palmolein, refined soya oil and cotton oil ruled unchanged. Activities remained thin as stockists stayed away.
Despite lack of demand and reduced rates, the sentiment was cautious. During the day 150-200 tonnes of palmolein were resold at ₹573. Extended loss in Malaysian palm oil, enough supply and stocks at local level kept stockists away from taking risk.
Vikram Global Commodities (P) Ltd, Chennai quoted ₹630 for July delivery for 10-kg Malaysian super palmolein. At the end of the day, Liberty was quoting palmolein ₹578 for July 20, super palmolein at ₹595 and refined soya oil ₹665 for July. Ruchi was quoting palmolein at ₹577/580 for the first and second fortnight, ₹583 for August 1-15, soya oil at ₹662 for July and ₹665 for August, refined sunflower oil at ₹657 for July, ₹660 for August and ₹662 for September. Allana was quoting palmolein at ₹579 for July 15-30, ₹582 for August and soya oil at ₹662 for July and ₹665 for August, refined sunflower oil at ₹659 for August.
In Saurashtra, groundnut telia tin ruled steady at ₹1220 (₹1220) and loose (10 kg) remained stable at ₹775 (₹775).
Malaysia BMD crude palm oil July contracts settled lower at MYR 2,448 (MYR 2,468), August at MYR 2,440 (MYR 2,462) and September at MYR 2,426 (MYR 2,445).
On National Commodities and Derivatives Exchange, refined soya oil July futures were up at ₹702.60 (₹695.15), August was ₹691.50 (₹6,96.45) and September at ₹688.25 (₹684.60).
On The Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 775 (765), soya refined oil 662 (662), sunflower exp. ref. 595 (590), sunflower ref. 660 (657), rapeseed ref. oil 703 (698), rapeseed expeller ref 673 (668) cottonseed ref oil 665 (665) and palmolein 575 (575).
Despite lack of demand and reduced rates, the sentiment was cautious. During the day 150-200 tonnes of palmolein were resold at ₹573. Extended loss in Malaysian palm oil, enough supply and stocks at local level kept stockists away from taking risk.
Vikram Global Commodities (P) Ltd, Chennai quoted ₹630 for July delivery for 10-kg Malaysian super palmolein. At the end of the day, Liberty was quoting palmolein ₹578 for July 20, super palmolein at ₹595 and refined soya oil ₹665 for July. Ruchi was quoting palmolein at ₹577/580 for the first and second fortnight, ₹583 for August 1-15, soya oil at ₹662 for July and ₹665 for August, refined sunflower oil at ₹657 for July, ₹660 for August and ₹662 for September. Allana was quoting palmolein at ₹579 for July 15-30, ₹582 for August and soya oil at ₹662 for July and ₹665 for August, refined sunflower oil at ₹659 for August.
In Saurashtra, groundnut telia tin ruled steady at ₹1220 (₹1220) and loose (10 kg) remained stable at ₹775 (₹775).
Malaysia BMD crude palm oil July contracts settled lower at MYR 2,448 (MYR 2,468), August at MYR 2,440 (MYR 2,462) and September at MYR 2,426 (MYR 2,445).
On National Commodities and Derivatives Exchange, refined soya oil July futures were up at ₹702.60 (₹695.15), August was ₹691.50 (₹6,96.45) and September at ₹688.25 (₹684.60).
On The Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 775 (765), soya refined oil 662 (662), sunflower exp. ref. 595 (590), sunflower ref. 660 (657), rapeseed ref. oil 703 (698), rapeseed expeller ref 673 (668) cottonseed ref oil 665 (665) and palmolein 575 (575).