MARKET DEVELOPMENT
Volatile Currency Arrests Bullish Trend in Edible Oils
Volatile Currency Arrests Bullish Trend in Edible Oils
14/06/2013 (Hindu Business Line) - Volatile currency market and lower Malaysian palm oil closing arrested bullish sentiments in edible oils market on Thursday.
Ease in demand at higher price kept activities limited during the day.
Pull back (weakness) in Indian currency against the US dollar made import parity costly, accordingly, palmolein rose by Rs 2. Cotton refined oil and sunflower refined oils went up by Rs 5 each. Groundnut, soyabean and rapeseed oils ruled unchanged.
Investors remained cautious ahead of the upcoming export figures that could give more pointers to demand trends in the first half of the month.
A Mumbai-based broker said “Higher volatility in currency market cap overall volumes restricted in local market.
“Strong US dollar pushed up import parity higher while profit booking resale selling pressure at lower rates kept traders away from fresh bulk bet. Volume was thin and need based”.
During the day, stockists have covered about 150-200 tonnes of palmolein for ready delivery at Rs 527 and about 180-200 tonnes at Rs 535 for July delivery in resale. In direct trade, Liberty sold about 150-170 tonnes super palmolein at Rs 580, said sources.
Soyabean arrivals were 85,000-87,000 bags including 37,000 from Madhya Pradesh at Rs 3,850 ex-mandi and Rs 3,900 for plant delivery.
Mustard seeds arrivals were 1.80 lakh-1.85 lakh bags and the prices were Rs 3,150-3,600.
Liberty was quoting palmolein Rs 555, super palmolein Rs 588 and super deluxe Rs 608.
Ruchi quoted palmolein Rs 555 for June, soyabean refined oil Rs 675 for June and sunflower refined oil Rs 790 for June-July.
In Rajkot, groundnut oil was steady at Rs 1,630 (Rs 1,630) for telia tin and Rs1,050 (Rs1,050) for loose 10 kg on the third consecutive day.
On the National Commodities and Derivatives Exchange, soyabean refined oil July futures were down by Rs 1.70 to Rs 693.25 (Rs 694.95), August declined by Rs 2.45 to Rs 687.70 (Rs 690.15) and September lower by Rs 2.80 to Rs 681 (Rs 683.80).
Malaysia BMD crude palm oil July contracts settled at MYR 2,418 (MYR 2,449), August at MYR 2,424 (MYR 2,451) and September at MYR 2,422 (MYR 2,451) a tonnee.
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 1,060 (1,060), soya refined oil 670 (670), sunflower exp. ref. 730 (685), sunflower ref. 790 (785), rapeseed ref. oil 705 (705), rapeseed expeller ref. 675 (675), cottonseed ref. oil 665 (660) and palmolein 530 (528).
Vikram Global Commodities, Chennai, quoted Rs 580 ex-Chennai for Malaysian super palmolein for delivery 15 days.
Ease in demand at higher price kept activities limited during the day.
Pull back (weakness) in Indian currency against the US dollar made import parity costly, accordingly, palmolein rose by Rs 2. Cotton refined oil and sunflower refined oils went up by Rs 5 each. Groundnut, soyabean and rapeseed oils ruled unchanged.
Investors remained cautious ahead of the upcoming export figures that could give more pointers to demand trends in the first half of the month.
A Mumbai-based broker said “Higher volatility in currency market cap overall volumes restricted in local market.
“Strong US dollar pushed up import parity higher while profit booking resale selling pressure at lower rates kept traders away from fresh bulk bet. Volume was thin and need based”.
During the day, stockists have covered about 150-200 tonnes of palmolein for ready delivery at Rs 527 and about 180-200 tonnes at Rs 535 for July delivery in resale. In direct trade, Liberty sold about 150-170 tonnes super palmolein at Rs 580, said sources.
Soyabean arrivals were 85,000-87,000 bags including 37,000 from Madhya Pradesh at Rs 3,850 ex-mandi and Rs 3,900 for plant delivery.
Mustard seeds arrivals were 1.80 lakh-1.85 lakh bags and the prices were Rs 3,150-3,600.
Liberty was quoting palmolein Rs 555, super palmolein Rs 588 and super deluxe Rs 608.
Ruchi quoted palmolein Rs 555 for June, soyabean refined oil Rs 675 for June and sunflower refined oil Rs 790 for June-July.
In Rajkot, groundnut oil was steady at Rs 1,630 (Rs 1,630) for telia tin and Rs1,050 (Rs1,050) for loose 10 kg on the third consecutive day.
On the National Commodities and Derivatives Exchange, soyabean refined oil July futures were down by Rs 1.70 to Rs 693.25 (Rs 694.95), August declined by Rs 2.45 to Rs 687.70 (Rs 690.15) and September lower by Rs 2.80 to Rs 681 (Rs 683.80).
Malaysia BMD crude palm oil July contracts settled at MYR 2,418 (MYR 2,449), August at MYR 2,424 (MYR 2,451) and September at MYR 2,422 (MYR 2,451) a tonnee.
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 1,060 (1,060), soya refined oil 670 (670), sunflower exp. ref. 730 (685), sunflower ref. 790 (785), rapeseed ref. oil 705 (705), rapeseed expeller ref. 675 (675), cottonseed ref. oil 665 (660) and palmolein 530 (528).
Vikram Global Commodities, Chennai, quoted Rs 580 ex-Chennai for Malaysian super palmolein for delivery 15 days.