MARKET DEVELOPMENT
Refineries Hike Prices of Imported Edible Oils
Refineries Hike Prices of Imported Edible Oils
17/01/2013 (Hindu Business Line) - A mixed trend was witnessed in the edible oils market on Thursday, while indigenous oils ruled steady. Imported palmolein and soyabean refined oil prices increased by Re 1 and Rs 7 each for 10 kg, following hike in prices by local refineries. The futures market weakened sentiments in the physical markets.
Malaysian palm oil edged up on Thursday rising for a second straight session, as a seasonal drop in production is likely to cut excess supplies, although gains were capped by weak demand. Palm oil futures got additional support from US soyabean futures, which rose for a sixth session on strong demand.
Tracking previous day’s sharp gain, local refineries in Mumbai increased their rates for palmolein and soyabean refined oil by Rs 2-5, which was reflected in the rise on the Bombay Commodity Exchange despite slack demand and higher sales.
During the day, local refineries sold about 250-300 tonnes of palmolein at Rs 570 in isolated trade. Demand was hand-to-mouth, said sources.
Towards the day’s close, Liberty quoted at palmolein at Rs 570; super palmolein at Rs 592; super deluxe palmolein at Rs 612; and soyabean refined oil at Rs 645. Ruchi quoted palmolein at Rs 572; soyabean refined oil at Rs 645; and sunflower refined oil at Rs 665. Allana was quoting palmolein at Rs 571; soyabean refined oil at Rs 645; and sunflower refined oil at Rs 670. Resellers quoted at palmolein at Rs 567-568.
In Rajkot, groundnut oil further increased by Rs 10 at Rs 1,260 (Rs 1,250) for telia tin and was steady at Rs 800 (Rs 800) for loose (10 kg).
On the National Commodities and Derivatives Exchange, February contracts closed lower at Rs 678.10 (Rs 678.60); March ended at Rs 668.90 (Rs 672.10); and April at Rs 665 (Rs 669.25).
Malaysia BMD crude palm oil February contracts settled at MYR 2,515 (MYR 2,507); March at MYR 2,525 (MYR 2524); and April at MYR 2,540 (MYR 2,537).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 800 (800); soya refined oil 645 (638); sunflower exp. ref. 610 (610); sunflower ref. 665 (665); rapeseed ref. oil 725 (725); rapeseed expeller ref. 695 (695); cottonseed ref. oil 620 (615) and palmolein 568 (567).
Malaysian palm oil edged up on Thursday rising for a second straight session, as a seasonal drop in production is likely to cut excess supplies, although gains were capped by weak demand. Palm oil futures got additional support from US soyabean futures, which rose for a sixth session on strong demand.
Tracking previous day’s sharp gain, local refineries in Mumbai increased their rates for palmolein and soyabean refined oil by Rs 2-5, which was reflected in the rise on the Bombay Commodity Exchange despite slack demand and higher sales.
During the day, local refineries sold about 250-300 tonnes of palmolein at Rs 570 in isolated trade. Demand was hand-to-mouth, said sources.
Towards the day’s close, Liberty quoted at palmolein at Rs 570; super palmolein at Rs 592; super deluxe palmolein at Rs 612; and soyabean refined oil at Rs 645. Ruchi quoted palmolein at Rs 572; soyabean refined oil at Rs 645; and sunflower refined oil at Rs 665. Allana was quoting palmolein at Rs 571; soyabean refined oil at Rs 645; and sunflower refined oil at Rs 670. Resellers quoted at palmolein at Rs 567-568.
In Rajkot, groundnut oil further increased by Rs 10 at Rs 1,260 (Rs 1,250) for telia tin and was steady at Rs 800 (Rs 800) for loose (10 kg).
On the National Commodities and Derivatives Exchange, February contracts closed lower at Rs 678.10 (Rs 678.60); March ended at Rs 668.90 (Rs 672.10); and April at Rs 665 (Rs 669.25).
Malaysia BMD crude palm oil February contracts settled at MYR 2,515 (MYR 2,507); March at MYR 2,525 (MYR 2524); and April at MYR 2,540 (MYR 2,537).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 800 (800); soya refined oil 645 (638); sunflower exp. ref. 610 (610); sunflower ref. 665 (665); rapeseed ref. oil 725 (725); rapeseed expeller ref. 695 (695); cottonseed ref. oil 620 (615) and palmolein 568 (567).