MARKET DEVELOPMENT
Imported Vegoil Oils Ease As Rupee Rises
Imported Vegoil Oils Ease As Rupee Rises
17/09/2013 (Hindu Business Line) - Edible oil prices ruled steady on Monday in the absence of cues from the Malaysian palm oil market, strengthening of the rupee and a weak Chicago soya market.
In Mumbai, prices of imported palmolein and soyabean oil declined by Rs 10 and Rs 6 each for 10 kg respectively following price cut by local refineries, tracking a firm rupee which makes import cheaper. Rapeseed oil dropped by Rs 3. A rebound in Saurashtra pushed up groundnut oil by Rs 25 and washed cottonseed oil by Rs 5. Mr Shailesh Kataria of Riddhi Broker told Business line:“In the absence of any cues from foreign market and strong rupee, the market was cautious. Indian rupee was quoted Rs 62.80. But a fear of hike in import duty on refined edible oils by 2.50 per cent to 10 per cent may arrest the downtrend.”
At the end of the day, Liberty was quoted palmolein at Rs 568, super palmolein at Rs 598 and super deluxe at Rs 618, soyabean refined oil at Rs 645 and sunflower refined oil Rs 825. Ruchi quoted at palmolein Rs 568, Ssoyabean refined oil at Rs 639 and sunflower refined oil at Rs 815. Allana was quoting palmolein at Rs 568, super palmolein at Rs 615, soyabean refined oil at Rs 645 and sunflower refined oil at Rs 820. Resellers quoted Rs 558-560 for palmolein.
In Rajkot, groundnut oil was quoted at Rs 1,375 (Rs 1,290) for telia tin and loose (10 kgs) at Rs 885 (Rs 825). The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 870 (845), soya refined oil 639 (645), sunflower expeller refined 735 (735), sunflower refined 810 (810), rapeseed refined oil 717 (720), rapeseed expeller refined 687 (690) cottonseed refined oil 660 (655) and palmolein 562 (572).
In Mumbai, prices of imported palmolein and soyabean oil declined by Rs 10 and Rs 6 each for 10 kg respectively following price cut by local refineries, tracking a firm rupee which makes import cheaper. Rapeseed oil dropped by Rs 3. A rebound in Saurashtra pushed up groundnut oil by Rs 25 and washed cottonseed oil by Rs 5. Mr Shailesh Kataria of Riddhi Broker told Business line:“In the absence of any cues from foreign market and strong rupee, the market was cautious. Indian rupee was quoted Rs 62.80. But a fear of hike in import duty on refined edible oils by 2.50 per cent to 10 per cent may arrest the downtrend.”
At the end of the day, Liberty was quoted palmolein at Rs 568, super palmolein at Rs 598 and super deluxe at Rs 618, soyabean refined oil at Rs 645 and sunflower refined oil Rs 825. Ruchi quoted at palmolein Rs 568, Ssoyabean refined oil at Rs 639 and sunflower refined oil at Rs 815. Allana was quoting palmolein at Rs 568, super palmolein at Rs 615, soyabean refined oil at Rs 645 and sunflower refined oil at Rs 820. Resellers quoted Rs 558-560 for palmolein.
In Rajkot, groundnut oil was quoted at Rs 1,375 (Rs 1,290) for telia tin and loose (10 kgs) at Rs 885 (Rs 825). The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 870 (845), soya refined oil 639 (645), sunflower expeller refined 735 (735), sunflower refined 810 (810), rapeseed refined oil 717 (720), rapeseed expeller refined 687 (690) cottonseed refined oil 660 (655) and palmolein 562 (572).