MARKET DEVELOPMENT
Indigenous Oils Slip on Slack Buying
Indigenous Oils Slip on Slack Buying
22/10/2013 (Hindu Business Line) - Imported edible oils rose on Monday tracking extended gain in futures markets. Malaysian palm oil futures closed higher by 40 ringgits while projection for Chicago soya oil futures was plus 24 points which put the domestic market sentiment positive at the end of the day. However, the volumes remain limited in resale as stockists have bought enough materials in the last few days.
In Mumbai, palmolein and soyabean refined oil rose by Rs 5 and Rs 7 for 10kg. However, groundnut, cotton and rapeseed oil declined by Rs 10, Rs 7 and Re 1 respectively on slack demand. Sunflower oil was unchanged. Sources said, “As stockists have covered enough in the last two weeks they kept away from fresh bets.
During the day, volumes remain limited in resale. Pressure of new kharif crops arrivals remained less than expected, however, now with clear weather all over arrivals are sure to increase from next week. Groundnut and cotton have started facing the pressure. Soyabean may see pressure soon.”
Towards the day’s close, Liberty was quoting palmolein at Rs 576, super palmolein Rs 616 and super deluxe Rs 636, soyabean refined oil Rs 705 and sunflower refined oil Rs 815. Ruchi quoted palmolein at Rs 575 ex JNPT and Rs 577 for Nov 1-15, soyabean refined oil Rs 695 and sunflower refined oil Rs 775 for Nov 5-15. Allana was quoting palmolein Rs 574-577, super palmolein Rs 611 and sunflower refined oil Rs 820.
In Rajkot, groundnut oil declined to Rs 1,240 (Rs 1,250) for telia tin and loose (10 kg) at Rs 800 (Rs 800). Soyabean arrivals were 3.50 lakh bags in Madhya Pradesh and its prices were Rs 3,250-3,450 ex mandi and Rs 3,500-3,600 plant delivery. Mustard seed arrivals were 80,000-85,000 bags and its prices were Rs 3,250-3,800.
Malaysia BMD crude palm oil’s November futures settled higher at MYR 2,431 (MYR 2,392), December at MYR 2,437 (MYR 2,399) and January at MYR 2437 (MYR 2401).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 840 (850), soya refined oil 697 (690), sunflower exp. ref. 735 (730), sunflower ref. 780 (785), rapeseed ref. oil 735 (736), rapeseed expeller ref. 705 (706) cottonseed ref. oil 693 (700) and palmolein 573 (568).
Vikram Global Commodities (P) Ltd quoted Rs 640/10 kg for Malaysia super palmolein October/November delivery.
In Mumbai, palmolein and soyabean refined oil rose by Rs 5 and Rs 7 for 10kg. However, groundnut, cotton and rapeseed oil declined by Rs 10, Rs 7 and Re 1 respectively on slack demand. Sunflower oil was unchanged. Sources said, “As stockists have covered enough in the last two weeks they kept away from fresh bets.
During the day, volumes remain limited in resale. Pressure of new kharif crops arrivals remained less than expected, however, now with clear weather all over arrivals are sure to increase from next week. Groundnut and cotton have started facing the pressure. Soyabean may see pressure soon.”
Towards the day’s close, Liberty was quoting palmolein at Rs 576, super palmolein Rs 616 and super deluxe Rs 636, soyabean refined oil Rs 705 and sunflower refined oil Rs 815. Ruchi quoted palmolein at Rs 575 ex JNPT and Rs 577 for Nov 1-15, soyabean refined oil Rs 695 and sunflower refined oil Rs 775 for Nov 5-15. Allana was quoting palmolein Rs 574-577, super palmolein Rs 611 and sunflower refined oil Rs 820.
In Rajkot, groundnut oil declined to Rs 1,240 (Rs 1,250) for telia tin and loose (10 kg) at Rs 800 (Rs 800). Soyabean arrivals were 3.50 lakh bags in Madhya Pradesh and its prices were Rs 3,250-3,450 ex mandi and Rs 3,500-3,600 plant delivery. Mustard seed arrivals were 80,000-85,000 bags and its prices were Rs 3,250-3,800.
Malaysia BMD crude palm oil’s November futures settled higher at MYR 2,431 (MYR 2,392), December at MYR 2,437 (MYR 2,399) and January at MYR 2437 (MYR 2401).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 840 (850), soya refined oil 697 (690), sunflower exp. ref. 735 (730), sunflower ref. 780 (785), rapeseed ref. oil 735 (736), rapeseed expeller ref. 705 (706) cottonseed ref. oil 693 (700) and palmolein 573 (568).
Vikram Global Commodities (P) Ltd quoted Rs 640/10 kg for Malaysia super palmolein October/November delivery.