MARKET DEVELOPMENT
Import Duty Hike Supports Edible Oils Market
Import Duty Hike Supports Edible Oils Market
10/01/2014 (Hindu Business Line) - Edible oil prices ruled steady on Thursday despite higher arrivals as the Government decided to increase the Customs duty on refined edible oils by 2.5 per cent.
Prices were up at the start of the day itself as speculation was rife about the duty hike in the market. However, slack demand and cautious trading kept activities limited in the physical market.
Palmolein, soyabean oil, cotton oil and sunflower oil ruled steady. Higher selling pressure at producing centres dragged groundnut and mustard oils by Rs 10 and Rs 4, respectively. Malaysian palm oil futures dropped to their lowest in almost two months on Thursday, stretching losses into a sixth straight session, as a stronger ringgit curbed buying interest. From the start on Thursday, talk of import duty hike by the Cabinet , kept players away from the taking fresh risk. Only needy buyers bought 80-100 tonnes of palmolein in isolated trade.
Towards the close of the day, Liberty quoted palmolein at Rs 570; super palmolein at Rs 590; super deluxe palmolein at Rs 610; soyabean refined oil at Rs 645; and sunflower refined oil at Rs 700. Ruchi quoted palmolein at Rs 570; soyabean refined oil at Rs 638; and sunflower refined oil at Rs 670.
Allana quoted palmolein at Rs 568-570; soyabean refined oil at Rs 645 and sunflower refined oil at Rs 670.
At Rajkot, groundnut oil dropped by Rs 30 to Rs 1,190 (Rs 1,220) for telia tin and loose (10 kg) declined by Rs 30 to Rs 750 (Rs 780).
On the National Commodities and Derivatives Exchange, February contracts were up Rs 3 at Rs 675.35 (Rs 672.35); March Rs 3.15 at Rs 670.15 (Rs 667.00) and April Rs 1.90 at Rs 669.60 (Rs 667.70).
Vikram Global Commodities (P) Ltd has quoted Rs 605/10 kg for Malaysia super palmolein January delivery.
Malaysia BMD crude palm oil February contracts settled lower at MYR 2,522 (MYR 2,529); March at MYR 2,539 (MYR 2547); and April at MYR 2,550 (MYR 2,556).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 780 (790), soya refined oil 640 (640), sunflower exp. ref. 610 (615), sunflower ref. 670 (670), rapeseed ref. oil 728 (732), rapeseed expeller ref. 698 (702) cottonseed ref. oil 605 (605) and palmolein 565 (565).
Prices were up at the start of the day itself as speculation was rife about the duty hike in the market. However, slack demand and cautious trading kept activities limited in the physical market.
Palmolein, soyabean oil, cotton oil and sunflower oil ruled steady. Higher selling pressure at producing centres dragged groundnut and mustard oils by Rs 10 and Rs 4, respectively. Malaysian palm oil futures dropped to their lowest in almost two months on Thursday, stretching losses into a sixth straight session, as a stronger ringgit curbed buying interest. From the start on Thursday, talk of import duty hike by the Cabinet , kept players away from the taking fresh risk. Only needy buyers bought 80-100 tonnes of palmolein in isolated trade.
Towards the close of the day, Liberty quoted palmolein at Rs 570; super palmolein at Rs 590; super deluxe palmolein at Rs 610; soyabean refined oil at Rs 645; and sunflower refined oil at Rs 700. Ruchi quoted palmolein at Rs 570; soyabean refined oil at Rs 638; and sunflower refined oil at Rs 670.
Allana quoted palmolein at Rs 568-570; soyabean refined oil at Rs 645 and sunflower refined oil at Rs 670.
At Rajkot, groundnut oil dropped by Rs 30 to Rs 1,190 (Rs 1,220) for telia tin and loose (10 kg) declined by Rs 30 to Rs 750 (Rs 780).
On the National Commodities and Derivatives Exchange, February contracts were up Rs 3 at Rs 675.35 (Rs 672.35); March Rs 3.15 at Rs 670.15 (Rs 667.00) and April Rs 1.90 at Rs 669.60 (Rs 667.70).
Vikram Global Commodities (P) Ltd has quoted Rs 605/10 kg for Malaysia super palmolein January delivery.
Malaysia BMD crude palm oil February contracts settled lower at MYR 2,522 (MYR 2,529); March at MYR 2,539 (MYR 2547); and April at MYR 2,550 (MYR 2,556).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 780 (790), soya refined oil 640 (640), sunflower exp. ref. 610 (615), sunflower ref. 670 (670), rapeseed ref. oil 728 (732), rapeseed expeller ref. 698 (702) cottonseed ref. oil 605 (605) and palmolein 565 (565).