MARKET DEVELOPMENT
Slack Response To Resale of Edible Oils At Lower Rates
Slack Response To Resale of Edible Oils At Lower Rates
11/09/2013 (Hindu Business Line) - The edible oils market witnessed a bearish trend on Tuesday, tracking weak futures market and slack physical demand. Malaysian palm oil futures fell to the lowest in more than two weeks, tracking losses in the US soya market. The volumes remained thin as stockists kept away from fresh bets.
In Mumbai, imported palmolein and soyabean refined oil lost Rs 7 and Rs 4 for 10 kg each. Sunflower and cotton refined oil declined by Rs 5 and Rs 10 each. Groundnut oil ruled steady, despite losses in Saurashtra market. Rapeseed oil was unchanged.
Sources said that strong domestic currency makes import parity lower and bearish Malaysian palm oil futures forced refineries to cut their rates by Rs 10-15. In absence of fresh demand, resellers kept selling at lower rates but the response was very poor. During the day, 80-100 tonnes of palmolein were traded in isolation at Rs 582-583. Besides that, there were no activities.
Towards the day’s close, Liberty was quoting palmolein at Rs 590, super palmolein Rs 625 and super deluxe Rs 645, soyabean refined oil Rs 665 and sunflower refined oil Rs 830. Ruchi quoted palmolein at Rs 588-590, soyabean refined oil Rs 657 and sunflower refined oil Rs 825. Allana was quoting palmolein at Rs 590, super palmolein Rs 635, soyabean refined oil Rs 665 and sunflower refined oil Rs 830. Gokul’s rate was Rs 583 for palmolein.
At Rajkot, groundnut oil was steady on third consecutive day at Rs 1,260 (Rs 1,300) for telia tin and loose (10 kg) Rs 800 (Rs 825). Soyabean arrivals were 70,000 bags and its prices were Rs 3,325-3,400 ex mandi and Rs 3,450-3,550 for plant delivery. Mustard seed arrivals were 90,000 bags and prices were Rs 3,080- 3,700.
Malaysia BMD crude palm oil’s October contracts settled lower at MYR 2,354 (MYR 2,402), November at MYR 2,351 (MYR 2,399) and December at MYR 2,351 (MYR 2,402).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 850 (850), soya refined oil 657(661), sunflower exp. ref. 735 (740), sunflower ref. 815(820), rapeseed ref. oil 730(730), rapeseed expeller ref. 700(700) cottonseed ref. oil 660(670) and palmolein 585 (592).
Vikram Global Commodities (P) Ltd has quoted Rs 645/10 kg for Malaysia super palmolein - forward delivery.
In Mumbai, imported palmolein and soyabean refined oil lost Rs 7 and Rs 4 for 10 kg each. Sunflower and cotton refined oil declined by Rs 5 and Rs 10 each. Groundnut oil ruled steady, despite losses in Saurashtra market. Rapeseed oil was unchanged.
Sources said that strong domestic currency makes import parity lower and bearish Malaysian palm oil futures forced refineries to cut their rates by Rs 10-15. In absence of fresh demand, resellers kept selling at lower rates but the response was very poor. During the day, 80-100 tonnes of palmolein were traded in isolation at Rs 582-583. Besides that, there were no activities.
Towards the day’s close, Liberty was quoting palmolein at Rs 590, super palmolein Rs 625 and super deluxe Rs 645, soyabean refined oil Rs 665 and sunflower refined oil Rs 830. Ruchi quoted palmolein at Rs 588-590, soyabean refined oil Rs 657 and sunflower refined oil Rs 825. Allana was quoting palmolein at Rs 590, super palmolein Rs 635, soyabean refined oil Rs 665 and sunflower refined oil Rs 830. Gokul’s rate was Rs 583 for palmolein.
At Rajkot, groundnut oil was steady on third consecutive day at Rs 1,260 (Rs 1,300) for telia tin and loose (10 kg) Rs 800 (Rs 825). Soyabean arrivals were 70,000 bags and its prices were Rs 3,325-3,400 ex mandi and Rs 3,450-3,550 for plant delivery. Mustard seed arrivals were 90,000 bags and prices were Rs 3,080- 3,700.
Malaysia BMD crude palm oil’s October contracts settled lower at MYR 2,354 (MYR 2,402), November at MYR 2,351 (MYR 2,399) and December at MYR 2,351 (MYR 2,402).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 850 (850), soya refined oil 657(661), sunflower exp. ref. 735 (740), sunflower ref. 815(820), rapeseed ref. oil 730(730), rapeseed expeller ref. 700(700) cottonseed ref. oil 660(670) and palmolein 585 (592).
Vikram Global Commodities (P) Ltd has quoted Rs 645/10 kg for Malaysia super palmolein - forward delivery.