MARKET DEVELOPMENT
Edible Oil Trading Turns Lacklustre
Edible Oil Trading Turns Lacklustre
18/01/2014 (Hindu Business Line) - The edible oils market witnessed dull trading day on Friday on lack of physical demand and low volatility in the futures markets. There was no activity in the absence of global cues as the Malaysian market was closed.
On the Bombay Commodity Exchange, rapeseed and cotton refined oil increased by Rs 5 each for 10 kg. Groundnut, soyabean and sunflower oil ruled unchanged. Palmolein declined by Rs 2. Soyabean oil futures closed lower by more than Rs 2. The gap between January (near expiry) and February widened to Rs 12, which was Rs 5-6 last week.
Malaysia’s palm oil inventories rose to a nine-month high in December according to industry data. Slack demand offset a fall in output caused by floods. The market is also keeping a close watch on the ringgit, which is weakening and could boost margins of refiners, said an analyst.
In the absence of fresh demand and weak futures markets, volume remained almost nil in Mumbai. Towards the day’s close, Liberty was quoting palmolein at Rs 572; super palmolein at Rs 592; super deluxe palmolein at Rs 612; and soyabean refined oil at Rs 650. Ruchi quoted palmolein at Rs 570; soyabean refined oil at Rs 645; and sunflower refined oil at Rs 665.
Allana was quoting palmolein at Rs 570; soyabean refined oil at Rs 647; and sunflower refined oil at Rs 665. Resellers were quoting palmolein at at Rs 567-568.
At Rajkot, groundnut oil declined by Rs 10 at Rs 1,250 (Rs 1,260) for telia tin and Rs 10 at Rs790 (Rs 800) for loose (10 kg). Soyabeans total arrivals were 1.50 lakh bags and its prices in Maharashtra were Rs 3,570-3,640.
On Thursday, Malaysia BMD crude palm oil’s February contracts settled at MYR 2,515; March at MYR 2,525; and April at MYR 2,540.
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 800 (800); soya refined oil 645 (645); sunflower exp. ref. 610 (610); sunflower ref. 665 (665); rapeseed ref. oil 730 (725); rapeseed expeller ref. 700 (695); cottonseed ref. oil 625 (620); and palmolein 566 (568).
On the Bombay Commodity Exchange, rapeseed and cotton refined oil increased by Rs 5 each for 10 kg. Groundnut, soyabean and sunflower oil ruled unchanged. Palmolein declined by Rs 2. Soyabean oil futures closed lower by more than Rs 2. The gap between January (near expiry) and February widened to Rs 12, which was Rs 5-6 last week.
Malaysia’s palm oil inventories rose to a nine-month high in December according to industry data. Slack demand offset a fall in output caused by floods. The market is also keeping a close watch on the ringgit, which is weakening and could boost margins of refiners, said an analyst.
In the absence of fresh demand and weak futures markets, volume remained almost nil in Mumbai. Towards the day’s close, Liberty was quoting palmolein at Rs 572; super palmolein at Rs 592; super deluxe palmolein at Rs 612; and soyabean refined oil at Rs 650. Ruchi quoted palmolein at Rs 570; soyabean refined oil at Rs 645; and sunflower refined oil at Rs 665.
Allana was quoting palmolein at Rs 570; soyabean refined oil at Rs 647; and sunflower refined oil at Rs 665. Resellers were quoting palmolein at at Rs 567-568.
At Rajkot, groundnut oil declined by Rs 10 at Rs 1,250 (Rs 1,260) for telia tin and Rs 10 at Rs790 (Rs 800) for loose (10 kg). Soyabeans total arrivals were 1.50 lakh bags and its prices in Maharashtra were Rs 3,570-3,640.
On Thursday, Malaysia BMD crude palm oil’s February contracts settled at MYR 2,515; March at MYR 2,525; and April at MYR 2,540.
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 800 (800); soya refined oil 645 (645); sunflower exp. ref. 610 (610); sunflower ref. 665 (665); rapeseed ref. oil 730 (725); rapeseed expeller ref. 700 (695); cottonseed ref. oil 625 (620); and palmolein 566 (568).