MARKET DEVELOPMENT
Edible Oils Trade Lower on Weak Demand
Edible Oils Trade Lower on Weak Demand
02/06/2017 (Hindu Business Line) - Despite improved global cues majority of oils in Indore mandis on Thursday traded lower on weak physical demand with soy refined declining to Rs. 618-20 (630-32 last week), while soy solvent ruled at Rs. 585-90 (Rs 600-Rs 605 last week).
Slack physical demand also dragged palm, cotton and groundnut oils with palm oil declining to Rs. 605 (Rs 620 last week), cotton oil (Indore) ruled at Rs. 610-12 (Rs 622-25 last week), while groundnut oil declined to Rs. 960-80 a quintal (Rs 1,010-20 a quintal last week).
Mustard seeds and raida also traded lower at Rs. 4,100-Rs 4,200 a quintal (down Rs. 200 from last week), while raida ruled at Rs. 3,100 a quintal (down Rs. 200 from last week).
In futures, the mustard seeds, however, were quoted higher on improved global cues and buying support with its June and July contracts on the NCDEX today closing at Rs. 2,713 a quintal (up Rs. 17) and Rs. 2,778 (up Rs. 16). Plant deliveries of mustard seeds for Jaipur line today were quoted at Rs. 3,720-25 (3,685-90 last week). Arrival of mustard seeds across the country today declined to 1.75 lakh bags (2.40 lakh bags last week). Rajasthan leads the arrival with 90,000 bags, followed by with UP and Punjab/Haryana with 25,000 bags each, MP - 7,000 bags, Gujarat - 6,000 bags, while 20,000 bags were offloaded elsewhere in the country.
Slack physical demand also dragged palm, cotton and groundnut oils with palm oil declining to Rs. 605 (Rs 620 last week), cotton oil (Indore) ruled at Rs. 610-12 (Rs 622-25 last week), while groundnut oil declined to Rs. 960-80 a quintal (Rs 1,010-20 a quintal last week).
Mustard seeds and raida also traded lower at Rs. 4,100-Rs 4,200 a quintal (down Rs. 200 from last week), while raida ruled at Rs. 3,100 a quintal (down Rs. 200 from last week).
In futures, the mustard seeds, however, were quoted higher on improved global cues and buying support with its June and July contracts on the NCDEX today closing at Rs. 2,713 a quintal (up Rs. 17) and Rs. 2,778 (up Rs. 16). Plant deliveries of mustard seeds for Jaipur line today were quoted at Rs. 3,720-25 (3,685-90 last week). Arrival of mustard seeds across the country today declined to 1.75 lakh bags (2.40 lakh bags last week). Rajasthan leads the arrival with 90,000 bags, followed by with UP and Punjab/Haryana with 25,000 bags each, MP - 7,000 bags, Gujarat - 6,000 bags, while 20,000 bags were offloaded elsewhere in the country.