MARKET DEVELOPMENT
Edible Oils Up on Extended Gain in Malaysia Palm Oil
Edible Oils Up on Extended Gain in Malaysia Palm Oil
17/08/2013 (Hindu Business Line) - Weak domestic currency touching record low against the US dollar and extended gain in Malaysian palm oil futures have pushed up edible oils prices higher in domestic market on Friday.
Imported palmolein and soyabean refined oil shot up by Rs 10 and Rs 8 respectively as local refineries have increased their rates for edible oils by Rs 10-13. During the day 1,000-1,100 tonnes palmolein and 80-100 tonnes soyabean refined were traded. Demand will be higher coming days due to continuous festivals, he said.
At the end of the day, Liberty quoted palmolein at Rs 565, super palmolein Rs 595 and super deluxe Rs 615, soyabean refined oil Rs 658 and sunflower refined oil Rs 820.
Ruchi quoted palmolein Rs 565 ex-Patalganga and Rs 555 ex-JNPT, soyabean refined oil Rs 655 and sunflower refined oil Rs 810. Allana quoted palmolein at Rs 563, super palmolein Rs 593, soyabean refined oil Rs 655 and sunflower refined oil Rs 808. Gokul quoted palmolein at Rs 562.
In Rajkot, groundnut oil was steady at Rs 1,520 (Rs 1,520) for telia tin and loose (10 kg) Rs 975 (Rs 975). Soyabean arrivals increased to 70,000 bags at Rs 3,400-3,450 ex-mandi and Rs 3,530-3,600 for plant delivery. Mustard seeds arrivals were 45,000 bags and the prices were Rs 3,300-3,625. Oilseeds are sown in 183.37 lakh hectares as of Aug.16, compared with 158.92 lakh hectares a year earlier, Farm Ministry data showed.
On the National Commodities and Derivatives Exchange, soyabean refined oil September futures shot up by Rs 13.15 to Rs 666.25 (Rs 653.10), October higher by Rs 16.20 to Rs 639.50 (Rs 623.30) and November increased by Rs 15.15 to Rs 632.00 (Rs 616.85).
Malaysia BMD crude palm oil Sept futures settled higher at MYR 2,367 (MYR 2,349), Oct at MYR 2,324 (MYR 2,318) and Nov at MYR 2,309 (MYR 2,299).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 990 (990), soya ref oil 653 (645), sunflower exp. ref. 725 (720), sunflower ref. 810 (800), rapeseed ref. oil 704 (703), rapeseed exp ref. 674 (673) cottonseed ref. oil 655 (655) and palmolein 555 (545).
Vikram Global Commodities (P) Ltd has quoted Rs 615 for 10 kg for Malaysia super palmolein for September delivery.
Imported palmolein and soyabean refined oil shot up by Rs 10 and Rs 8 respectively as local refineries have increased their rates for edible oils by Rs 10-13. During the day 1,000-1,100 tonnes palmolein and 80-100 tonnes soyabean refined were traded. Demand will be higher coming days due to continuous festivals, he said.
At the end of the day, Liberty quoted palmolein at Rs 565, super palmolein Rs 595 and super deluxe Rs 615, soyabean refined oil Rs 658 and sunflower refined oil Rs 820.
Ruchi quoted palmolein Rs 565 ex-Patalganga and Rs 555 ex-JNPT, soyabean refined oil Rs 655 and sunflower refined oil Rs 810. Allana quoted palmolein at Rs 563, super palmolein Rs 593, soyabean refined oil Rs 655 and sunflower refined oil Rs 808. Gokul quoted palmolein at Rs 562.
In Rajkot, groundnut oil was steady at Rs 1,520 (Rs 1,520) for telia tin and loose (10 kg) Rs 975 (Rs 975). Soyabean arrivals increased to 70,000 bags at Rs 3,400-3,450 ex-mandi and Rs 3,530-3,600 for plant delivery. Mustard seeds arrivals were 45,000 bags and the prices were Rs 3,300-3,625. Oilseeds are sown in 183.37 lakh hectares as of Aug.16, compared with 158.92 lakh hectares a year earlier, Farm Ministry data showed.
On the National Commodities and Derivatives Exchange, soyabean refined oil September futures shot up by Rs 13.15 to Rs 666.25 (Rs 653.10), October higher by Rs 16.20 to Rs 639.50 (Rs 623.30) and November increased by Rs 15.15 to Rs 632.00 (Rs 616.85).
Malaysia BMD crude palm oil Sept futures settled higher at MYR 2,367 (MYR 2,349), Oct at MYR 2,324 (MYR 2,318) and Nov at MYR 2,309 (MYR 2,299).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 990 (990), soya ref oil 653 (645), sunflower exp. ref. 725 (720), sunflower ref. 810 (800), rapeseed ref. oil 704 (703), rapeseed exp ref. 674 (673) cottonseed ref. oil 655 (655) and palmolein 555 (545).
Vikram Global Commodities (P) Ltd has quoted Rs 615 for 10 kg for Malaysia super palmolein for September delivery.