MARKET DEVELOPMENT
Thin Volumes Keep Edible Oils Cool
Thin Volumes Keep Edible Oils Cool
11/09/2014 (Hindu Business Line) - A weak rupee, which makes imports costlier, and a jump in palm oil production resulted in lower trade volume in edible oils. The rupee was trading lower at 60.85/90. Weak overseas futures also weighed on the sentiments.
On the Bombay Commodity Exchange, groundnut and rapeseed oil rose by ₹5 each on reports of lower kharif oilseeds sowing data. Cotton and palmolein declined by ₹2 and ₹3 each on reports of higher production and supply. Soyabean and sunflower oil ruled steady.
During the day, stockists bought about 250-300 tonnes of palmolein at ₹485; barring their there was no other activity.
Vikram Global Commodities (P) Ltd, Chennai, quoted ₹520 for September Delivery for 10-kg Malaysian Super Palm​
At the end of the day, Liberty was quoting Palmolein at ₹485, Super Palmolein at ₹505, and Soyabean refined oil at ₹587. Ruchi was quoting Palmolein at ₹485, Soyabean refined oil at ₹580 and Sunflower refined oil at ₹590. Allana was quoting Palmolein at ₹510, Super Palmolein at 535, Soyabean refined oil at ₹600 and sunflower oil at ₹600.
In Saurashtra – Rajkot, Groundnut Telia tin was higher by ₹10 at ₹1,140 (₹1,130) and loose (10 kg) increased to ₹725 (₹720).
Malaysia BMD crude palm oil September contract settled lower at 2,049 Malaysian ringgit (MYR 2,050), October at MYR 2,044 (MYR 2,045) and October at MYR 2,033 (MYR 2,034).
The Bombay Commodity Exchange spot rates were: (Rs/10 kg) groundnut oil 765 (760), soya refined oil 582 (582), sunflower exp. ref. 538 (538), sunflower ref. 595 (595), rapeseed ref. oil 713 (708), rapeseed expeller ref. 683 (678) cottonseed ref. oil 623(625) and palmolein 485 (488).
On the Bombay Commodity Exchange, groundnut and rapeseed oil rose by ₹5 each on reports of lower kharif oilseeds sowing data. Cotton and palmolein declined by ₹2 and ₹3 each on reports of higher production and supply. Soyabean and sunflower oil ruled steady.
During the day, stockists bought about 250-300 tonnes of palmolein at ₹485; barring their there was no other activity.
Vikram Global Commodities (P) Ltd, Chennai, quoted ₹520 for September Delivery for 10-kg Malaysian Super Palm​
At the end of the day, Liberty was quoting Palmolein at ₹485, Super Palmolein at ₹505, and Soyabean refined oil at ₹587. Ruchi was quoting Palmolein at ₹485, Soyabean refined oil at ₹580 and Sunflower refined oil at ₹590. Allana was quoting Palmolein at ₹510, Super Palmolein at 535, Soyabean refined oil at ₹600 and sunflower oil at ₹600.
In Saurashtra – Rajkot, Groundnut Telia tin was higher by ₹10 at ₹1,140 (₹1,130) and loose (10 kg) increased to ₹725 (₹720).
Malaysia BMD crude palm oil September contract settled lower at 2,049 Malaysian ringgit (MYR 2,050), October at MYR 2,044 (MYR 2,045) and October at MYR 2,033 (MYR 2,034).
The Bombay Commodity Exchange spot rates were: (Rs/10 kg) groundnut oil 765 (760), soya refined oil 582 (582), sunflower exp. ref. 538 (538), sunflower ref. 595 (595), rapeseed ref. oil 713 (708), rapeseed expeller ref. 683 (678) cottonseed ref. oil 623(625) and palmolein 485 (488).