MARKET DEVELOPMENT
Edible Oils To Turn Hot on Improved Demand Hopes
Edible Oils To Turn Hot on Improved Demand Hopes
14/05/2013 (Hindu Business Line) - Hopes of higher demand and thinning stockpiles of Malaysian palm oils are likely to heat up edible oils trade.
Edible oil prices improved further on Monday driven by weak Indian currency and expectation of higher demand in the coming days.
Imported palmolein rose by Rs 2 while soyabean refined oil ruled flat.
Groundnut and rapeseed oil increased by Rs 5 each while cotton refined oil up by Rs 3 for 10 kg on lower arrivals of seeds as most mandis were closed due to Akshaya Tritiya .
An observer said that in local market activities for ready trade was thin.
One importer sold about 350-400 tonnes of palmolein at Rs 504. Ruchi sold 150-200 tonnes of soyabean refined oil at Rs 662 and 150-200 tonnes sunflower refined oil at Rs 760.
Resellers were quoting palmolein at Rs 507-508 but there were no buyers.
Towards the day’s close, Liberty was quoting palmolein at Rs 512-516, super palmolein Rs 548 and sunflower refined oil Rs 780.
Ruchi was quoting palmolein at Rs 514 ex-Patalganga and Rs 508 ex JNPT, soyabean refined oil Rs 662 and sunflower refined oil Rs 760.
Allana’s rates for palmolein were Rs 548.
In Saurashtra – Rajkot, groundnut oil shot up by Rs 50 to Rs 1,780 for telia tin and by Rs 35 to Rs 1,160 for loose (10 kg) on improved demand.
Malaysian BMD crude palm oil’s June contracts settled at MYR 2,296 (MYR 2,305), July at MYR 2,310 (MYR 2,319) and August at MYR 2,311 (MYR 2,316) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,140 (1,135), soya refined oil 663 (663), sunflower exp. ref. 675 (675), sunflower ref. 765 (765), rapeseed ref. oil 685 (680), rapeseed expeller ref. 655 (650) cottonseed ref. oil 645 (642) and palmolein 510 (508).
Vikram Global Commodities, Chennai has quoted Malaysian super palmolein at Rs 561 ex-Chennai.
Edible oil prices improved further on Monday driven by weak Indian currency and expectation of higher demand in the coming days.
Imported palmolein rose by Rs 2 while soyabean refined oil ruled flat.
Groundnut and rapeseed oil increased by Rs 5 each while cotton refined oil up by Rs 3 for 10 kg on lower arrivals of seeds as most mandis were closed due to Akshaya Tritiya .
An observer said that in local market activities for ready trade was thin.
One importer sold about 350-400 tonnes of palmolein at Rs 504. Ruchi sold 150-200 tonnes of soyabean refined oil at Rs 662 and 150-200 tonnes sunflower refined oil at Rs 760.
Resellers were quoting palmolein at Rs 507-508 but there were no buyers.
Towards the day’s close, Liberty was quoting palmolein at Rs 512-516, super palmolein Rs 548 and sunflower refined oil Rs 780.
Ruchi was quoting palmolein at Rs 514 ex-Patalganga and Rs 508 ex JNPT, soyabean refined oil Rs 662 and sunflower refined oil Rs 760.
Allana’s rates for palmolein were Rs 548.
In Saurashtra – Rajkot, groundnut oil shot up by Rs 50 to Rs 1,780 for telia tin and by Rs 35 to Rs 1,160 for loose (10 kg) on improved demand.
Malaysian BMD crude palm oil’s June contracts settled at MYR 2,296 (MYR 2,305), July at MYR 2,310 (MYR 2,319) and August at MYR 2,311 (MYR 2,316) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,140 (1,135), soya refined oil 663 (663), sunflower exp. ref. 675 (675), sunflower ref. 765 (765), rapeseed ref. oil 685 (680), rapeseed expeller ref. 655 (650) cottonseed ref. oil 645 (642) and palmolein 510 (508).
Vikram Global Commodities, Chennai has quoted Malaysian super palmolein at Rs 561 ex-Chennai.