MARKET DEVELOPMENT
Higher Inflow May Crush Edible Oils
Higher Inflow May Crush Edible Oils
30/12/2013 (Hindu Business Line) - Edible oil prices ruled unchanged on Monday on slack physical demand amid bearish futures markets. Expectation of higher arrivals of indigenous oilseeds in producing centres and hopes of higher palm oil inventory in Malaysia could add more pressure on the market.
On the spot, hardly 80-100 tonnes of palmolein were traded for ready-weekly delivery, barring that there were no activities. Domestic futures market also was down tracking weak foreign markets.
Shailesh Kataria of Riddhi Brokers said, “Resellers’ aggressive selling at lower price and high volatile futures markets kept stockists at bay. Traders preferred to fulfil old commitments which they have made in advance at higher rates.”
Towards the day’s close, Liberty was quoting palmolein at Rs 576, super palmolein Rs 596, super deluxe palmolein Rs 616, soyabean refined oil Rs 665 and sunflower refined oil Rs 710.
Ruchi quoted palmolein at Rs 575, soyabean refined oil Rs 655 and sunflower refined oil Rs 680.
Allana was quoting palmolein at Rs 576, super deluxe Rs 615, soyabean refined oil Rs 665 and sunflower refined oil Rs 700. In Rajkot, groundnut oil ruled steady at Rs 1,270 for telia tin and loose (10 kg) at Rs 810 (Rs 805). Mustard seed arrivals were 70,000 bags and its prices were Rs 3,200-3,600.
Vikram Global Commodities (P) Ltd quoted Rs 630/10 kg for Malaysia super palmolein January delivery.
Malaysia BMD crude palm oil’s January settled at MYR 2,603 (MYR 2,611), February at MYR 2,624 (MYR 2,625) and March at MYR 2,631 (MYR 2,632).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 810 (810), soya refined oil 655 (655), sunflower exp. ref. 635 (635), sunflower ref. 680 (680), rapeseed ref. oil 735 (735), rapeseed expeller ref. 705 (705) cottonseed ref. oil 615 (615) and palmolein 570 (570).
On the spot, hardly 80-100 tonnes of palmolein were traded for ready-weekly delivery, barring that there were no activities. Domestic futures market also was down tracking weak foreign markets.
Shailesh Kataria of Riddhi Brokers said, “Resellers’ aggressive selling at lower price and high volatile futures markets kept stockists at bay. Traders preferred to fulfil old commitments which they have made in advance at higher rates.”
Towards the day’s close, Liberty was quoting palmolein at Rs 576, super palmolein Rs 596, super deluxe palmolein Rs 616, soyabean refined oil Rs 665 and sunflower refined oil Rs 710.
Ruchi quoted palmolein at Rs 575, soyabean refined oil Rs 655 and sunflower refined oil Rs 680.
Allana was quoting palmolein at Rs 576, super deluxe Rs 615, soyabean refined oil Rs 665 and sunflower refined oil Rs 700. In Rajkot, groundnut oil ruled steady at Rs 1,270 for telia tin and loose (10 kg) at Rs 810 (Rs 805). Mustard seed arrivals were 70,000 bags and its prices were Rs 3,200-3,600.
Vikram Global Commodities (P) Ltd quoted Rs 630/10 kg for Malaysia super palmolein January delivery.
Malaysia BMD crude palm oil’s January settled at MYR 2,603 (MYR 2,611), February at MYR 2,624 (MYR 2,625) and March at MYR 2,631 (MYR 2,632).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 810 (810), soya refined oil 655 (655), sunflower exp. ref. 635 (635), sunflower ref. 680 (680), rapeseed ref. oil 735 (735), rapeseed expeller ref. 705 (705) cottonseed ref. oil 615 (615) and palmolein 570 (570).