MARKET DEVELOPMENT
Surging Dollar Drives Up Edible Oils
Surging Dollar Drives Up Edible Oils
21/08/2013 (Hindu Business Line) - Edible oils prices continued to rule firm on Tuesday as import parity continued to go up due to weak domestic currency against the dollar.
Imported palmolein, soyabean refined oil and sunflower refined oil increased further by Rs 5 each. Rapeseed oil rose by Rs 4.
Cotton oil was unchanged while groundnut oil dropped by Rs 10 on weak reports of increase selling in main producing Saurashtra on prospects of higher output.
Shailesh Kataria of Riddhi Broker told Business Line: “Continuous decline in Indian currency has pushed up prices in domestic market as import parity has gone higher.
Sources said during the day 1,000-1,100 tonnes palmolein and 40-50 tonnes of soyabean refined were traded during the day.
At the end of the day, Liberty quoted palmolein at Rs 595, super palmolein Rs 625 and super deluxe Rs 645, soyabean refined oil Rs 680 and sunflower refined oil Rs 830. Ruchi quoted palmolein Rs 600, soyabean refined oil Rs 680 and sunflower refined oil Rs 820. Allana quoted palmolein Rs 593, super palmolein Rs 620, soyabean refined oil Rs 675 and sunflower refined oil Rs 820.
In Rajkot, groundnut oil declined by Rs 45 to Rs 1,475 (Rs 1,520) for telia tin and loose (10 kg) by Rs 25 to Rs 950 (Rs 975).
On the National Commodities and Derivatives Exchange, soyabean refined oil September futures were up by Rs 2.55 to Rs 679.95 (Rs 677.40).
October dropped by Rs 1.70 to Rs 650.40 (Rs 652.10) and November declined by Rs 1.80 to Rs 643.90 (Rs 645.70).
Malaysia BMD crude palm oil September futures settled at MYR 2,380 (MYR 2,393), October at MYR 2,344 (MYR 2,354) and November at MYR 2,329 (MYR 2,333).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 980 (990), soya refined oil 670 (665), sunflower exp. ref. 730 (725), sunflower ref. 820 (815), rapeseed ref. oil 714 (710), rapeseed expeller ref. 684 (680) cottonseed ref. oil 665 (665) and palmolein 570 (565).
Vikram Global Commodities (P) Ltd has quoted Rs 630 for 10 kg, for Malaysia super palmolein September delivery.
Imported palmolein, soyabean refined oil and sunflower refined oil increased further by Rs 5 each. Rapeseed oil rose by Rs 4.
Cotton oil was unchanged while groundnut oil dropped by Rs 10 on weak reports of increase selling in main producing Saurashtra on prospects of higher output.
Shailesh Kataria of Riddhi Broker told Business Line: “Continuous decline in Indian currency has pushed up prices in domestic market as import parity has gone higher.
Sources said during the day 1,000-1,100 tonnes palmolein and 40-50 tonnes of soyabean refined were traded during the day.
At the end of the day, Liberty quoted palmolein at Rs 595, super palmolein Rs 625 and super deluxe Rs 645, soyabean refined oil Rs 680 and sunflower refined oil Rs 830. Ruchi quoted palmolein Rs 600, soyabean refined oil Rs 680 and sunflower refined oil Rs 820. Allana quoted palmolein Rs 593, super palmolein Rs 620, soyabean refined oil Rs 675 and sunflower refined oil Rs 820.
In Rajkot, groundnut oil declined by Rs 45 to Rs 1,475 (Rs 1,520) for telia tin and loose (10 kg) by Rs 25 to Rs 950 (Rs 975).
On the National Commodities and Derivatives Exchange, soyabean refined oil September futures were up by Rs 2.55 to Rs 679.95 (Rs 677.40).
October dropped by Rs 1.70 to Rs 650.40 (Rs 652.10) and November declined by Rs 1.80 to Rs 643.90 (Rs 645.70).
Malaysia BMD crude palm oil September futures settled at MYR 2,380 (MYR 2,393), October at MYR 2,344 (MYR 2,354) and November at MYR 2,329 (MYR 2,333).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 980 (990), soya refined oil 670 (665), sunflower exp. ref. 730 (725), sunflower ref. 820 (815), rapeseed ref. oil 714 (710), rapeseed expeller ref. 684 (680) cottonseed ref. oil 665 (665) and palmolein 570 (565).
Vikram Global Commodities (P) Ltd has quoted Rs 630 for 10 kg, for Malaysia super palmolein September delivery.