MARKET DEVELOPMENT
Resellers Offer Discount on Palmolein
Resellers Offer Discount on Palmolein
15/11/2013 (Hindu Business Line) - A weak sentiment prevailed in the edible oils market on Thursday on lower physical demand and bearish futures market.
However, in the spot market, palmolein dropped by Rs 3 and sunflower expeller refined rose by Rs 5 for 10 kg. Prices for all other edible oils ruled steady. Industry analyst Dorab Mistry said on Thursday that palm oil prices could climb as high as 2,800 ringgit ($874) a tonne in the next six months, but gains will hinge on output in top producer Indonesia and the success of its biodiesel mandate.
Palm oil futures will probably trade in a range of 2,400 ringgit ($749) to 2,600 ringgit ($812) a tonne, he said.In Mumbai, local refineries quoted palmolein Rs 2-3 lower but resellers offered discount. Hardly 80-100 tonnes of palmolein were traded in resale at Rs 607-608 ex-Shapur. Resellers offered palmolein at Rs 602-603 ex-JNPT.
Towards the day’s close, Liberty quoted palmolein at Rs 619, super palmolein at Rs 644 and super deluxe at Rs 664, soyabean refined oil at Rs 720 and sunflower refined oil at Rs 785. Ruchi quoted palmolein at Rs 613-615, soyabean refined oil at Rs 715 and sunflower refined oil at Rs 735. Allana quoted palmolein at Rs 618, super palmolein at Rs 635, super deluxe at Rs 655, soyabean refined oil at Rs 710 and sunflower refined oil at Rs 795.
In Rajkot, groundnut oil was steady at Rs 1,260 for telia tin and loose (10 kg) was Rs 800 . Malaysia BMD crude palm oil’s December closed lower at MYR 2,576 (MYR 2,602), January at MYR 2,588 (MYR 2,604) and February at MYR 2,588 (MYR 2,606).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 850 (850), soya refined oil 715 (715), sunflower exp. ref. 685 (680), sunflower ref. 750 (750), rapeseed ref. oil 768 (768), rapeseed expeller ref. 738 (738) cottonseed ref. oil 670 (670) and palmolein 607 (610).
However, in the spot market, palmolein dropped by Rs 3 and sunflower expeller refined rose by Rs 5 for 10 kg. Prices for all other edible oils ruled steady. Industry analyst Dorab Mistry said on Thursday that palm oil prices could climb as high as 2,800 ringgit ($874) a tonne in the next six months, but gains will hinge on output in top producer Indonesia and the success of its biodiesel mandate.
Palm oil futures will probably trade in a range of 2,400 ringgit ($749) to 2,600 ringgit ($812) a tonne, he said.In Mumbai, local refineries quoted palmolein Rs 2-3 lower but resellers offered discount. Hardly 80-100 tonnes of palmolein were traded in resale at Rs 607-608 ex-Shapur. Resellers offered palmolein at Rs 602-603 ex-JNPT.
Towards the day’s close, Liberty quoted palmolein at Rs 619, super palmolein at Rs 644 and super deluxe at Rs 664, soyabean refined oil at Rs 720 and sunflower refined oil at Rs 785. Ruchi quoted palmolein at Rs 613-615, soyabean refined oil at Rs 715 and sunflower refined oil at Rs 735. Allana quoted palmolein at Rs 618, super palmolein at Rs 635, super deluxe at Rs 655, soyabean refined oil at Rs 710 and sunflower refined oil at Rs 795.
In Rajkot, groundnut oil was steady at Rs 1,260 for telia tin and loose (10 kg) was Rs 800 . Malaysia BMD crude palm oil’s December closed lower at MYR 2,576 (MYR 2,602), January at MYR 2,588 (MYR 2,604) and February at MYR 2,588 (MYR 2,606).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 850 (850), soya refined oil 715 (715), sunflower exp. ref. 685 (680), sunflower ref. 750 (750), rapeseed ref. oil 768 (768), rapeseed expeller ref. 738 (738) cottonseed ref. oil 670 (670) and palmolein 607 (610).