MARKET DEVELOPMENT
Edible Oils Rule unchanged
Edible Oils Rule unchanged
03/07/2013 (Hindu Business Line) - Barring cotton refined oil which decline by Rs7 for 10 kgs all other edible oils remain unchanged on thin trade on Tuesday. Lower closing of Malaysian Palm oil futures and unprecedented kharif sowing this year on satisfactory rainfall weigh on overall sentiment. Malaysian Palm oil futures closed lower by 5, 4 and 6 ringgits. Moral was weak said sources.
Malaysian palm oil futures opened higher on Tuesday on investor expectation that strong exports in June would pare down stocks in Malaysia but later selling pressure pulled down sentiment. Market participants are awaiting data due next week from Malaysian Palm Oil Board (MPOB) on June's stockpiles and production levels.
Sources said during the day about 150-200 tones of Palmolein were resale traded at Rs525-Rs526 for nearby delivery. Adani also sold 200- 250 tones of Palmolein at Rs525-Rs526 for 15 July. Demand for indigenous oil was absent. Soyabean arrivals were about 1.25 – 1.30 lakh bags including 70,000 – 75,000 bags in Madhya Pradesh and its prices were Rs3500- 3600 ex mandi and Rs3675-3740 for plant delivery. Mustard seeds arrivals were 1.30- 1.35 lakh bags including 75,000 - 80,000 bags in Rajasthan and the prices were Rs3050 – Rs3525.
At the end of the day Liberty was quoting Palmolein Rs536, Super palmolein Rs575 and super deluxe Rs595. Ruchi quoted Palmolein Rs540 – Rs545, soyabean refined oil Rs660 and Sunflower refined oil Rs810. Gokul, Vaibhavi and NCML were quoting Rs535 for Palmolein.
In Rajkot groundnut oil rule steady at Rs1,370 (Rs 1,370) for telia tin and Rs880 (Rs880) for loose (10 kg). On National Commodities and Derivatives Exchange, soyabean refined oil’s August futures closed lower at Rs663.10 (Rs663.90), September at Rs656.10 (Rs657.50) and October closed at Rs648.00 (Rs.650.50).
Malaysia BMD crude palm oil’s August -13 futures contracts settled at MYR 2,342 (MYR 2,346), September at MYR 2,339 (MYR 2,343) and October at MYR 2,332 (MYR 2,339).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 910 (910), soya refined oil 660 (660), sunflower exp. ref. 750 (750), sunflower ref. 805 (805), rapeseed ref. oil 688 (688), rapeseed expeller ref. 658 (658) cottonseed ref. oil 651 (658) and palmolein 528 (528).
Malaysian palm oil futures opened higher on Tuesday on investor expectation that strong exports in June would pare down stocks in Malaysia but later selling pressure pulled down sentiment. Market participants are awaiting data due next week from Malaysian Palm Oil Board (MPOB) on June's stockpiles and production levels.
Sources said during the day about 150-200 tones of Palmolein were resale traded at Rs525-Rs526 for nearby delivery. Adani also sold 200- 250 tones of Palmolein at Rs525-Rs526 for 15 July. Demand for indigenous oil was absent. Soyabean arrivals were about 1.25 – 1.30 lakh bags including 70,000 – 75,000 bags in Madhya Pradesh and its prices were Rs3500- 3600 ex mandi and Rs3675-3740 for plant delivery. Mustard seeds arrivals were 1.30- 1.35 lakh bags including 75,000 - 80,000 bags in Rajasthan and the prices were Rs3050 – Rs3525.
At the end of the day Liberty was quoting Palmolein Rs536, Super palmolein Rs575 and super deluxe Rs595. Ruchi quoted Palmolein Rs540 – Rs545, soyabean refined oil Rs660 and Sunflower refined oil Rs810. Gokul, Vaibhavi and NCML were quoting Rs535 for Palmolein.
In Rajkot groundnut oil rule steady at Rs1,370 (Rs 1,370) for telia tin and Rs880 (Rs880) for loose (10 kg). On National Commodities and Derivatives Exchange, soyabean refined oil’s August futures closed lower at Rs663.10 (Rs663.90), September at Rs656.10 (Rs657.50) and October closed at Rs648.00 (Rs.650.50).
Malaysia BMD crude palm oil’s August -13 futures contracts settled at MYR 2,342 (MYR 2,346), September at MYR 2,339 (MYR 2,343) and October at MYR 2,332 (MYR 2,339).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 910 (910), soya refined oil 660 (660), sunflower exp. ref. 750 (750), sunflower ref. 805 (805), rapeseed ref. oil 688 (688), rapeseed expeller ref. 658 (658) cottonseed ref. oil 651 (658) and palmolein 528 (528).