MARKET DEVELOPMENT
Edible Oil Stockists Continue To Build Inventories
Edible Oil Stockists Continue To Build Inventories
05/04/2013 (Hindu Business Line) - Edible oils continued to rise in the oils and oilseeds market on Thursday. Soyabean refined oil shot up by Rs 10 for 10 kg as a refinery raised rates. Cotton and rapeseed oils jumped by Rs 5 and Rs 3, respectively.
Despite a rebound in Malaysian futures markets, palmolein declined by Re 1 in Mumbai due to higher volume at lower price. Sources said that local stockists continued buying edible oils on support of higher bulk consumer demand ahead of festivals.
Retail demand also improved in start of the month. During the day, traders covered nearly 1,300-1,400 tonnes of palmolein, soyabean and sunflower refined oils for nearby and forward deliveries. Liberty sold 350-400 tonnes of palmolein at Rs 513-515. Ruchi sold 200-250 tonnes of soyabean ref oil at 662-670, sunflower ref oil 40-50 tonnes at Rs 771. Adani sold 250-300 tonnes palmolein at Rs 505. About 350-400 tonnes palmolein were traded at Rs 506-508 ex-JNPT. Liberty quoted palmolein at Rs 513-515; super palmolein Rs 548 and sunflower refined oil at Rs 780.
Ruchi quoted palmolein at Rs 516; soyabean refined oil Rs 670 for April 15; Rs 675 for May 15; sunflower refined oil at Rs 771. Allana quoted super palmolein at Rs545. In Saurashtra –Rajkot, on higher demand, groundnut oil shot up further by Rs 40 to Rs1,910 (Rs 1,870) for telia tin and by Rs 25 to Rs 1,250 (Rs 1,225) for 10 kg. National level mustard seed arrivals were 6.10 lakh bags and the prices were Rs 3,000-3,350.
On the National Commodities and Derivatives Exchange, soyabean refined oil’s May futures were up by Rs 8.75 to Rs 698.40 (Rs 689.65); June was up by Rs 5.05 to Rs685.40 (Rs 680.35) and July was Rs 676.40 (Rs 673.70).
In Malaysia BMD, crude palm oil’s May futures contracts closed slightly lower at MYR 2,383 (MYR 2,388); June MYR 2,392 (MYR 2,396) and July closed at MYR 2,398 (MYR2,401) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,220 (1,220); soya refined oil 665 (655); sunflower exp. ref. 680 (680); sunflower ref. 765 (765); rapeseed ref. oil 698 (695); rapeseed expeller ref. 668 (665); cottonseed ref. oil 630 (625) and palmolein 510 (511).
Vikram Global Commodities, Chennai, has quoted Malaysian super palmolein at Rs.545 ex-Chennai and CIF JNPT at $906 for April 15 delivery.
Despite a rebound in Malaysian futures markets, palmolein declined by Re 1 in Mumbai due to higher volume at lower price. Sources said that local stockists continued buying edible oils on support of higher bulk consumer demand ahead of festivals.
Retail demand also improved in start of the month. During the day, traders covered nearly 1,300-1,400 tonnes of palmolein, soyabean and sunflower refined oils for nearby and forward deliveries. Liberty sold 350-400 tonnes of palmolein at Rs 513-515. Ruchi sold 200-250 tonnes of soyabean ref oil at 662-670, sunflower ref oil 40-50 tonnes at Rs 771. Adani sold 250-300 tonnes palmolein at Rs 505. About 350-400 tonnes palmolein were traded at Rs 506-508 ex-JNPT. Liberty quoted palmolein at Rs 513-515; super palmolein Rs 548 and sunflower refined oil at Rs 780.
Ruchi quoted palmolein at Rs 516; soyabean refined oil Rs 670 for April 15; Rs 675 for May 15; sunflower refined oil at Rs 771. Allana quoted super palmolein at Rs545. In Saurashtra –Rajkot, on higher demand, groundnut oil shot up further by Rs 40 to Rs1,910 (Rs 1,870) for telia tin and by Rs 25 to Rs 1,250 (Rs 1,225) for 10 kg. National level mustard seed arrivals were 6.10 lakh bags and the prices were Rs 3,000-3,350.
On the National Commodities and Derivatives Exchange, soyabean refined oil’s May futures were up by Rs 8.75 to Rs 698.40 (Rs 689.65); June was up by Rs 5.05 to Rs685.40 (Rs 680.35) and July was Rs 676.40 (Rs 673.70).
In Malaysia BMD, crude palm oil’s May futures contracts closed slightly lower at MYR 2,383 (MYR 2,388); June MYR 2,392 (MYR 2,396) and July closed at MYR 2,398 (MYR2,401) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,220 (1,220); soya refined oil 665 (655); sunflower exp. ref. 680 (680); sunflower ref. 765 (765); rapeseed ref. oil 698 (695); rapeseed expeller ref. 668 (665); cottonseed ref. oil 630 (625) and palmolein 510 (511).
Vikram Global Commodities, Chennai, has quoted Malaysian super palmolein at Rs.545 ex-Chennai and CIF JNPT at $906 for April 15 delivery.