9 May 2019 (Cogencis) NEW DELHI – Futures contracts of most components in the edible oil basket extended gains on domestic exchanges today.

Crude palm oil contracts on the Multi Commodity Exchange of India, however, ticked lower in line with fall in key contracts on Bursa Malaysia Derivatives, analysts said.

Futures contracts of crude palm oil on the Malaysian exchange ended down over 1% today due to weak export demand and tracking key soyoil contracts on CBOT, analysts said. Prices of crude palm oil and soyoil move in tandem as they are used as substitutes for each other. 

Investors also await the key trade data by Malaysian Palm Oil Board on palm oil output, exports and inventory for April, due Friday. 

Soybean contracts on the National Commodity & Derivatives Exchange settled higher on lower arrival in spot markets, traders said. 

In Indore, the oilseed was sold at 3,840-3,850 rupees per 100 kg, up 15-20 rupees from Wednesday, Mahendra Doshi, a local trader said.

The rise was limited due to strength in key contracts on Chicago Board of Trade, analysts said.

The July contract of soybean fell today following reports of higher sowing in the US, the top grower. 
 

Refined soyoil futures on NCDEX edged higher due to firm buying in wholesale markets during the ongoing Ramzan, said Ritesh Kumar Sahu, senior analyst at Angel Broking.

Mustard prices on the NCDEX also rose due to firm demand from crushing plants, analysts said. 

In Jaipur, the oilseed was sold at 3,900-3,905 rupees per 100 kg, up 35-40 rupees from Wednesday, traders said. 

The following table details prices of edible oils and oilseeds, at 1745 IST, in rupees, and the difference compared with the previous session:

End

US$1 = 69.94 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT