MARKET DEVELOPMENT
Edible Oils Gain As Stockists Place Fresh Orders
Edible Oils Gain As Stockists Place Fresh Orders
24/12/2013 (Hindu Business Line) - The edible oils market ruled firm on Monday on higher demand amid extended gain in the futures market.
Domestic soya oil and Malaysian palm oil futures inched up, extending gains into a third straight day on improved physical demand. A weak Malaysian ringgit stoked demand.
On the Bombay Commodity Exchange, groundnut, palmolein and rapeseed oil increased by Rs 10, Rs 2 and Rs 4 each for 10 kg. Soyabean, sunflower and cotton oil ruled unchanged, said an observer.
Malaysian palm oil futures edged higher on concerns over supply disruption due to the Monsoon.
Volumes were higher as stockist placed fresh orders for palmolein and sunflower, tracking the firm futures markets, said sources. During the day, Liberty, Ruchi and Allana together sold about 1,500-1,700 tonnes of palmolein at Rs 577-578 for January delivery. Ruchi also sold 150-200 tonnes of sunflower refined oil at Rs 682.
At the end of the day, Liberty quoted palmolein at Rs 578, super palmolein at Rs 600, super deluxe palmolein at Rs 620, soyabean refined oil at Rs 665 and sunflower refined oil at Rs 710. Ruchi quoted palmolein at Rs 578, soyabean refined oil at Rs 660 and sunflower refined oil at Rs 682.
Allana quoted palmolein at Rs 577 for December and Rs 578 for January, Super Deluxe at Rs 620, soyabean refined oil at Rs 665 and sunflower refined oil at Rs 700. In Rajkot, groundnut oil ruled steady at Rs 1,270 (Rs 1,270) for telia tin and loose (10 kg) at Rs 820. Bursa Malaysia Derivatives Exchange crude palm oil January contracts settled higher at MYR 2,593 (MYR 2,546), February at MYR 2607(MYR 2571) and March at MYR 2,617 (MYR 2,584).
Vikram Global Commodities (P) Ltd quoted Rs 640 per 10 kg for Malaysia super palmolein January delivery
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 820 (810), soya refined oil 660 (660), sunflower exp. ref. 635 (630), sunflower ref 685 (685), rapeseed ref. oil 740 (736), rapeseed expeller ref 710 (706) cottonseed ref oil 615 (615) and palmolein 575 (573).
Domestic soya oil and Malaysian palm oil futures inched up, extending gains into a third straight day on improved physical demand. A weak Malaysian ringgit stoked demand.
On the Bombay Commodity Exchange, groundnut, palmolein and rapeseed oil increased by Rs 10, Rs 2 and Rs 4 each for 10 kg. Soyabean, sunflower and cotton oil ruled unchanged, said an observer.
Malaysian palm oil futures edged higher on concerns over supply disruption due to the Monsoon.
Volumes were higher as stockist placed fresh orders for palmolein and sunflower, tracking the firm futures markets, said sources. During the day, Liberty, Ruchi and Allana together sold about 1,500-1,700 tonnes of palmolein at Rs 577-578 for January delivery. Ruchi also sold 150-200 tonnes of sunflower refined oil at Rs 682.
At the end of the day, Liberty quoted palmolein at Rs 578, super palmolein at Rs 600, super deluxe palmolein at Rs 620, soyabean refined oil at Rs 665 and sunflower refined oil at Rs 710. Ruchi quoted palmolein at Rs 578, soyabean refined oil at Rs 660 and sunflower refined oil at Rs 682.
Allana quoted palmolein at Rs 577 for December and Rs 578 for January, Super Deluxe at Rs 620, soyabean refined oil at Rs 665 and sunflower refined oil at Rs 700. In Rajkot, groundnut oil ruled steady at Rs 1,270 (Rs 1,270) for telia tin and loose (10 kg) at Rs 820. Bursa Malaysia Derivatives Exchange crude palm oil January contracts settled higher at MYR 2,593 (MYR 2,546), February at MYR 2607(MYR 2571) and March at MYR 2,617 (MYR 2,584).
Vikram Global Commodities (P) Ltd quoted Rs 640 per 10 kg for Malaysia super palmolein January delivery
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 820 (810), soya refined oil 660 (660), sunflower exp. ref. 635 (630), sunflower ref 685 (685), rapeseed ref. oil 740 (736), rapeseed expeller ref 710 (706) cottonseed ref oil 615 (615) and palmolein 575 (573).