MARKET DEVELOPMENT
Weaker Rupee has Edible Oils on the Boil
Weaker Rupee has Edible Oils on the Boil
04/09/2013 (Hindu Business Line) - Edible oils witnessed a bullish trend on Tuesday following a sharp drop (more than Rs 2) in the rupee making imports costly. Local refineries have increased their rates by Rs 10 for 10 kg while in resale prices jumped by Rs 15-17 in mid-session. Increase in the tariff value of edible oils for import also fuelled the fire.
The volume jumped as everyone tried to buy the commodity on expectation of higher festival demand . About 3,500-3,800 tonnes of palmolein and soya oil were traded during the day, said an observer.
The Centre has raised tariff value for import of crude palm oil and RBD palmolein by $25 to $833 and $882 respectively while for crude soya oil it raised by $23 to $951 a tonne, tracking the weakness in domestic currency.
Liberty sold about 1,450-1,500 tonnes of palmolein at Rs 611-615, Ruchi sold about 1,350-1,400 tonnes in the range of Rs 605-614. Allana and Ruchi both sold about 400-450 tonnes of soyabean refined oil at Rs 675.
Resellers off loaded 250-300 tonnes of palmolein at Rs 600-605 and soyabean refined oil 80-100 tonnes at Rs 665-670.
Towards the day’s close, Liberty was quoting palmolein Rs 620, super palmolein Rs 650 and super deluxe Rs 670, soyabean refined oil Rs 685 and sunflower refined oil Rs 835. Ruchi quoted palmolein at Rs 614, soyabean refined oil Rs 675 and sunflower refined oil Rs 830.
Allana was quoting palmolein at Rs 620, super palmolein Rs 650, soyabean refined oil Rs 685 and sunflower refined oil Rs 835. Gokul’s rate were Rs 610 for palmolein.
At Rajkot, groundnut oil rose to Rs 1,325 (Rs 1,300) for telia tin and loose (10 kg) Rs 850 (Rs 835). Soyabean arrivals rose to 90,000 bags and its prices were Rs 3,350-3,450 ex mandi and Rs 3,500-75 for plant delivery. Mustard seed arrivals were 70,000 bags and prices were Rs 3,250-3,775.
Malaysia BMD crude palm oil’s October contracts settled lower at MYR 2,419 (MYR 2,430), November at MYR 2,417 (MYR 2,428) and December at MYR 2,419 (MYR 2,428).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 860 (860), soya refined oil 675 (680), sunflower exp. ref. 750 (745), sunflower ref. 830 (830), rapeseed ref. oil 735 (735), rapeseed expeller ref. 705 (705) cottonseed ref. oil 670 (670) and palmolein 600 (596).
Vikram Global Commodities (P) Ltd quoted Rs 665/10 kg for Malaysia super palmolein - forward delivery.
The volume jumped as everyone tried to buy the commodity on expectation of higher festival demand . About 3,500-3,800 tonnes of palmolein and soya oil were traded during the day, said an observer.
The Centre has raised tariff value for import of crude palm oil and RBD palmolein by $25 to $833 and $882 respectively while for crude soya oil it raised by $23 to $951 a tonne, tracking the weakness in domestic currency.
Liberty sold about 1,450-1,500 tonnes of palmolein at Rs 611-615, Ruchi sold about 1,350-1,400 tonnes in the range of Rs 605-614. Allana and Ruchi both sold about 400-450 tonnes of soyabean refined oil at Rs 675.
Resellers off loaded 250-300 tonnes of palmolein at Rs 600-605 and soyabean refined oil 80-100 tonnes at Rs 665-670.
Towards the day’s close, Liberty was quoting palmolein Rs 620, super palmolein Rs 650 and super deluxe Rs 670, soyabean refined oil Rs 685 and sunflower refined oil Rs 835. Ruchi quoted palmolein at Rs 614, soyabean refined oil Rs 675 and sunflower refined oil Rs 830.
Allana was quoting palmolein at Rs 620, super palmolein Rs 650, soyabean refined oil Rs 685 and sunflower refined oil Rs 835. Gokul’s rate were Rs 610 for palmolein.
At Rajkot, groundnut oil rose to Rs 1,325 (Rs 1,300) for telia tin and loose (10 kg) Rs 850 (Rs 835). Soyabean arrivals rose to 90,000 bags and its prices were Rs 3,350-3,450 ex mandi and Rs 3,500-75 for plant delivery. Mustard seed arrivals were 70,000 bags and prices were Rs 3,250-3,775.
Malaysia BMD crude palm oil’s October contracts settled lower at MYR 2,419 (MYR 2,430), November at MYR 2,417 (MYR 2,428) and December at MYR 2,419 (MYR 2,428).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 860 (860), soya refined oil 675 (680), sunflower exp. ref. 750 (745), sunflower ref. 830 (830), rapeseed ref. oil 735 (735), rapeseed expeller ref. 705 (705) cottonseed ref. oil 670 (670) and palmolein 600 (596).
Vikram Global Commodities (P) Ltd quoted Rs 665/10 kg for Malaysia super palmolein - forward delivery.