MARKET DEVELOPMENT
Weak Rupee Heats Up Edible Oils
Weak Rupee Heats Up Edible Oils
11/06/2013 (Hindu Business Line) - A weak rupeepushed up prices of imported palmolein by Rs 5 on Monday. Local refineries have raised their rates for palmolein, soyabean and sunflower oils by Rs 7-10 for 10 kg each. The bullish domestic market contrasted with the bearish trend in Malaysian palm oil futures, ahead of official inventory data.
In Mumbai, tracking higher costs of imported oils, indigenous cotton and rapeseed refined oil inched up by Rs 3. Groundnut oil increased by Rs 5, but there were no active buyers. Heavy rains throughout the day kept the volumes thin. Good rain in most parts of producing States will help sowing, but the effect of cultivation will be seen only after a month or two. Currently, the edible oils market is driven by currency fluctuations, a leading broker from Mumbai said.
In Mumbai, about 150–200 tonnes of palmolein was resale traded at Rs 524-525.
Gokul is said to have sold about 250-300 tonnes of palmolein at Rs 527-528 for delivery up to June and then quoted Rs 530. Soyabean arrivals were 85,000-88,000 bags including 40,000 bags in Madhya Pradesh and its prices were Rs 3,620- 37,00 ex-mandi and Rs 3,820-3,890 for plant delivery. Mustard seed arrivals were 1.80-1.85 lakh bags and the prices were Rs 3,100-3,610.
Towards the day’s close, , Liberty was quoting palmolein at Rs 535-538, super palmolein at Rs 567 and super deluxe at Rs 587. Ruchi was quoting palmolein at Rs 537, soyabean refined oil at Rs 668 and sunflower refined oil at Rs 768. In Rajkot, groundnut oil ruled steady at Rs 1,590 for telia tin and Rs 1,025 for loose (10 kg).
Malaysia BMD crude palm oil’s July contracts settled at MYR 2,446 (MYR 2,452), August at MYR 2,453 (MYR 2,457) and September at MYR 2,451 (MYR 2,457) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,050 (1,045), soya refined oil 661 (661), sunflower exp. ref. 675 (675), sunflower ref. 765 (765), rapeseed ref. oil 698 (695), rapeseed expeller ref. 668 (665) cottonseed ref. oil 647 (644) and palmolein 524(519).
Vikram Global Commodities, Chennai quoted Rs 580 for Malaysian super palmolein ex-Chennai for 15 days delivery.
In Mumbai, tracking higher costs of imported oils, indigenous cotton and rapeseed refined oil inched up by Rs 3. Groundnut oil increased by Rs 5, but there were no active buyers. Heavy rains throughout the day kept the volumes thin. Good rain in most parts of producing States will help sowing, but the effect of cultivation will be seen only after a month or two. Currently, the edible oils market is driven by currency fluctuations, a leading broker from Mumbai said.
In Mumbai, about 150–200 tonnes of palmolein was resale traded at Rs 524-525.
Gokul is said to have sold about 250-300 tonnes of palmolein at Rs 527-528 for delivery up to June and then quoted Rs 530. Soyabean arrivals were 85,000-88,000 bags including 40,000 bags in Madhya Pradesh and its prices were Rs 3,620- 37,00 ex-mandi and Rs 3,820-3,890 for plant delivery. Mustard seed arrivals were 1.80-1.85 lakh bags and the prices were Rs 3,100-3,610.
Towards the day’s close, , Liberty was quoting palmolein at Rs 535-538, super palmolein at Rs 567 and super deluxe at Rs 587. Ruchi was quoting palmolein at Rs 537, soyabean refined oil at Rs 668 and sunflower refined oil at Rs 768. In Rajkot, groundnut oil ruled steady at Rs 1,590 for telia tin and Rs 1,025 for loose (10 kg).
Malaysia BMD crude palm oil’s July contracts settled at MYR 2,446 (MYR 2,452), August at MYR 2,453 (MYR 2,457) and September at MYR 2,451 (MYR 2,457) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,050 (1,045), soya refined oil 661 (661), sunflower exp. ref. 675 (675), sunflower ref. 765 (765), rapeseed ref. oil 698 (695), rapeseed expeller ref. 668 (665) cottonseed ref. oil 647 (644) and palmolein 524(519).
Vikram Global Commodities, Chennai quoted Rs 580 for Malaysian super palmolein ex-Chennai for 15 days delivery.