MARKET DEVELOPMENT
Refineries Slash Palmolein Rates
Refineries Slash Palmolein Rates
25/03/2014 (Hindu Business Line) - Imported palmolein and soyabean refined oil declined by ₹2 and ₹5 for 10 kg each on Monday as local refineries have reduced their rates amid slack physical demand. Rapeseed oil dropped by ₹2 while groundnut, cotton and sunflower oil ruled steady. Morale was weak, said traders.
Sources said that in absence of physical demand and volatile futures, stockists kept away from fresh bets. Following bearish foreign market, domestic soya oil futures declined sharply in late evening trade. Vikram Global Commodities (P) Ltd quoted ₹666/10 kg for Malaysia super palmolein March delivery. Liberty was quoting palmolein at ₹645, super palmolein ₹665, super deluxe palmolein ₹672. Ruchi quoted palmolein at ₹640, soyabean refined oil ₹670 and sunflower refined oil ₹695. Allana was quoting palmolein at ₹640, soyabean refined oil ₹675 and sunflower refined oil ₹700.
At Rajkot, groundnut oil telia tin declined by ₹20 to ₹1,150 and loose (10 kg) dropped by ₹10 to ₹735.
Malaysia BMD crude palm oil’s futures April contracts settled lower at MYR 2,793 (MYR 2,822), May at MYR 2,735 (MYR 2,764) and June -MYR 2,702 (MYR 2,729).
The Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 770 (770), soya refined oil 670 (675), sunflower exp. ref. 650 (650), sunflower ref. 700 (700), rapeseed ref. oil 708 (710), rapeseed expeller ref. 678 (680) cottonseed ref. oil 670 (670) and palmolein 630 (632).
Sources said that in absence of physical demand and volatile futures, stockists kept away from fresh bets. Following bearish foreign market, domestic soya oil futures declined sharply in late evening trade. Vikram Global Commodities (P) Ltd quoted ₹666/10 kg for Malaysia super palmolein March delivery. Liberty was quoting palmolein at ₹645, super palmolein ₹665, super deluxe palmolein ₹672. Ruchi quoted palmolein at ₹640, soyabean refined oil ₹670 and sunflower refined oil ₹695. Allana was quoting palmolein at ₹640, soyabean refined oil ₹675 and sunflower refined oil ₹700.
At Rajkot, groundnut oil telia tin declined by ₹20 to ₹1,150 and loose (10 kg) dropped by ₹10 to ₹735.
Malaysia BMD crude palm oil’s futures April contracts settled lower at MYR 2,793 (MYR 2,822), May at MYR 2,735 (MYR 2,764) and June -MYR 2,702 (MYR 2,729).
The Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 770 (770), soya refined oil 670 (675), sunflower exp. ref. 650 (650), sunflower ref. 700 (700), rapeseed ref. oil 708 (710), rapeseed expeller ref. 678 (680) cottonseed ref. oil 670 (670) and palmolein 630 (632).