MARKET DEVELOPMENT
Refineries Hike Palmolein Rates; Soya Oil Surges
Refineries Hike Palmolein Rates; Soya Oil Surges
24/10/2013 (Hindu Business Line) - A sharp jump in Malaysian palm oil futures lifted domestic soya oil futures by over two per cent on Wednesday. However, soya oil ruled steady in the spot market.
Tracking bullish futures, palmolein gained Rs 2 for 10 kg in physical market, rapeseed oil Rs 3 and cotton refined oil Rs 5 for 10 kg each. Groundnut oil and sunflower oil were unchanged. Fear of increase in import duty on refined oil also weighed on the sentiment. Local refineries increased their rates for palmolein by Rs 5-7 on higher buying support.
An observer said that domestic soya oil futures rose sharply on delay in new arrivals and fear of damage to standing crop on account of high moisture. Normally at this time, the daily average arrival of soyabean in Madhya Pradesh is about 8-10 lakh bags but this year, it has not crossed five lakh bags.”.
Rapeseed arrivals, due to lean season period, are hovering below one lakh bags. On expectation of a bullish trend, stockists are placing fresh orders and have covered over 2,500-2,800 tonnes of palmolein, soyabean refined and other oils.
Liberty, Ruchi and Allana sold materials to local traders.
Towards the day’s close, Liberty quoted palmolein at Rs 585, super palmolein Rs 620 and super deluxe Rs 640, soyabean refined oil Rs 710 and sunflower refined oil Rs 820. Ruchi quoted palmolein at Rs 577 ex JNPT and Rs 582, soyabean refined oil Rs 695 and sunflower refined oil Rs 771. Allana quoted palmolein at Rs 579-582, super palmolein at Rs 613 and sunflower refined oil at Rs 820.
In Rajkot, groundnut oil was up by Rs 10 to Rs 1,270 for telia tin and loose (10 kg) higher by Rs 30 to Rs 820. Soyabean arrivals were 6.50 lakh bags and prices were Rs 3,250-3,550 ex mandi and Rs 3,550-3,650 plant delivery. Mustard seed arrivals were 90,000 bags and its prices were Rs 3,225-3,600.
Malaysia BMD crude palm oil’s November futures settled higher at MYR 2,488 (MYR 2,457), December at MYR 2,481 (MYR 2,457) and January at MYR 2482 (MYR 2455).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 840 (840), soya refined oil 695 (695), sunflower exp. ref. 735 (735), sunflower ref. 785 (785), rapeseed ref. oil 740 (737), rapeseed expeller ref. 710 (707) cottonseed ref. oil 700 (695) and palmolein 575 (572).
Vikram Global Commodities (P) Ltd quoted Rs 645/10 kg for Malaysia super palmolein November delivery.
Tracking bullish futures, palmolein gained Rs 2 for 10 kg in physical market, rapeseed oil Rs 3 and cotton refined oil Rs 5 for 10 kg each. Groundnut oil and sunflower oil were unchanged. Fear of increase in import duty on refined oil also weighed on the sentiment. Local refineries increased their rates for palmolein by Rs 5-7 on higher buying support.
An observer said that domestic soya oil futures rose sharply on delay in new arrivals and fear of damage to standing crop on account of high moisture. Normally at this time, the daily average arrival of soyabean in Madhya Pradesh is about 8-10 lakh bags but this year, it has not crossed five lakh bags.”.
Rapeseed arrivals, due to lean season period, are hovering below one lakh bags. On expectation of a bullish trend, stockists are placing fresh orders and have covered over 2,500-2,800 tonnes of palmolein, soyabean refined and other oils.
Liberty, Ruchi and Allana sold materials to local traders.
Towards the day’s close, Liberty quoted palmolein at Rs 585, super palmolein Rs 620 and super deluxe Rs 640, soyabean refined oil Rs 710 and sunflower refined oil Rs 820. Ruchi quoted palmolein at Rs 577 ex JNPT and Rs 582, soyabean refined oil Rs 695 and sunflower refined oil Rs 771. Allana quoted palmolein at Rs 579-582, super palmolein at Rs 613 and sunflower refined oil at Rs 820.
In Rajkot, groundnut oil was up by Rs 10 to Rs 1,270 for telia tin and loose (10 kg) higher by Rs 30 to Rs 820. Soyabean arrivals were 6.50 lakh bags and prices were Rs 3,250-3,550 ex mandi and Rs 3,550-3,650 plant delivery. Mustard seed arrivals were 90,000 bags and its prices were Rs 3,225-3,600.
Malaysia BMD crude palm oil’s November futures settled higher at MYR 2,488 (MYR 2,457), December at MYR 2,481 (MYR 2,457) and January at MYR 2482 (MYR 2455).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 840 (840), soya refined oil 695 (695), sunflower exp. ref. 735 (735), sunflower ref. 785 (785), rapeseed ref. oil 740 (737), rapeseed expeller ref. 710 (707) cottonseed ref. oil 700 (695) and palmolein 575 (572).
Vikram Global Commodities (P) Ltd quoted Rs 645/10 kg for Malaysia super palmolein November delivery.