MARKET DEVELOPMENT
Edible Oil Market Deals Hit By Bearish Outlook
Edible Oil Market Deals Hit By Bearish Outlook
19/07/2013 (Hindu Business Line) - Edible oils market witnessed a mixed trend on Thursday, tracking excellent progress in sowing of kharif crops and expectation of pressure on Malaysian palm oil futures as peak production season is fast approaching, said traders.
In Mumbai soyabean and rapeseed oil declined further by Rs 5 each. Cotton oil lost Rs 3 for 10 kg. Groundnut oil, sunflower oil and palmolein were unchanged. Shailesh Kataria of Riddhi Brokers told Business Line, “Slack demand kept volume thin in ready and nearby delivery. No one was interested in forward covering as the domestic futures market was bearish. During the day, hardly 200-250 tonnes of palmolein were sold by an importer at Rs 524 ex-JNPT. Local refineries rates were higher compared to resellers and hence, volume remained thin.”
Towards the day’s close, Liberty was quoted palmolein at Rs 533 and Rs 535 for August, super palmolein Rs 570 for July-August and super deluxe Rs 590. Ruchi quoted palmolein at Rs 538 for July, August and September, soyabean refined oil Rs 640 for July and Rs 645 for August and sunflower refined oil Rs 810 for July-August. Allana was quoting palmolein at Rs 532-536 and super palmolein Rs 570 for July. Gokul’s rates were Rs 530 for palmolein and Rs 545 for super palmolein for July.
In Rajkot, groundnut oil declined further by Rs 20 to Rs 1,550 for telia tin and by Rs 10 to Rs 1,010 for loose (10 kg.). Soyabean arrivals were about 1.10 lakh bags and its prices were Rs 3,550-3,650 ex mandi and Rs 3,730-80 for plant delivery.
Malaysia BMD crude palm oil’s August contracts settled higher at MYR 2,340 (MYR 2,277), September at MYR 2,305 (MYR 2,266) and October at MYR 2,291 (MYR 2,250) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg) : groundnut oil 1,000 (1,000), soya refined oil 640 (645), sunflower exp. ref. 750 (750), sunflower ref. 810 (810), rapeseed ref. oil 680 (685), rapeseed expeller ref. 650 (655) cottonseed ref. oil 645 (648) and palmolein 527 (527).
Vikram Global Commodities (P) Ltd quoted Rs 571/10 kg for Malaysian super palmolein - August delivery.
In Mumbai soyabean and rapeseed oil declined further by Rs 5 each. Cotton oil lost Rs 3 for 10 kg. Groundnut oil, sunflower oil and palmolein were unchanged. Shailesh Kataria of Riddhi Brokers told Business Line, “Slack demand kept volume thin in ready and nearby delivery. No one was interested in forward covering as the domestic futures market was bearish. During the day, hardly 200-250 tonnes of palmolein were sold by an importer at Rs 524 ex-JNPT. Local refineries rates were higher compared to resellers and hence, volume remained thin.”
Towards the day’s close, Liberty was quoted palmolein at Rs 533 and Rs 535 for August, super palmolein Rs 570 for July-August and super deluxe Rs 590. Ruchi quoted palmolein at Rs 538 for July, August and September, soyabean refined oil Rs 640 for July and Rs 645 for August and sunflower refined oil Rs 810 for July-August. Allana was quoting palmolein at Rs 532-536 and super palmolein Rs 570 for July. Gokul’s rates were Rs 530 for palmolein and Rs 545 for super palmolein for July.
In Rajkot, groundnut oil declined further by Rs 20 to Rs 1,550 for telia tin and by Rs 10 to Rs 1,010 for loose (10 kg.). Soyabean arrivals were about 1.10 lakh bags and its prices were Rs 3,550-3,650 ex mandi and Rs 3,730-80 for plant delivery.
Malaysia BMD crude palm oil’s August contracts settled higher at MYR 2,340 (MYR 2,277), September at MYR 2,305 (MYR 2,266) and October at MYR 2,291 (MYR 2,250) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg) : groundnut oil 1,000 (1,000), soya refined oil 640 (645), sunflower exp. ref. 750 (750), sunflower ref. 810 (810), rapeseed ref. oil 680 (685), rapeseed expeller ref. 650 (655) cottonseed ref. oil 645 (648) and palmolein 527 (527).
Vikram Global Commodities (P) Ltd quoted Rs 571/10 kg for Malaysian super palmolein - August delivery.