Edible oils see mixed trend

Jan 22, 2014 08:45 PM , By Our Correspondent

Edible oils ruled mixed on Wednesday on ease in physical demand and weak futures markets. Soyabean refined oil increase by Rs 1, while groundnut oil and cotton refined oil rose by Rs 5 each, following a gain in the Saurashtra market. In Rajkot, groundnut oil jumped by Rs 20-25. Palmolein, sunflower and rapeseed oil rule unchanged. The volume remained low and isolated. Malaysian palm oil futures gave up initial gain and closed lower as weak exports weighed on prices. The moral was weak at the end of the day, said sources. During the day, stockists keep away from fresh buying tracking weak futures markets and slack demand. They bought more than 2,500 tonnes of palmolein in the last two days. For indigenous oils, expectation of higher arrivals of seeds and availability of oils continue to weigh on sentiments. Malaysian palm oil dropped on weak exports data (fall 2.5 per cent so far this month) and Indonesias decision to slash its crude palm oil export tax to 10.5 per cent for February may channel some demand away from the second-largest producer, said an analyst. Towards the days close, Liberty was quoting palmolein at Rs 574; super palmolein at Rs 594, super deluxe palmolein at Rs 614 and soyabean refined oil at Rs 650. Ruchi quoted palmolein at Rs 572; soyabean refined oil at Rs 647 and sunflower refined oil at Rs 665. Allana was quoting palmolein at Rs 572; soyabean refined oil at Rs 650 and sunflower refined oil at Rs 665. Resellers were quoting palmolein at Rs 567-568 ex JNPT. At Rajkot, groundnut oil increased to Rs 1,210 (Rs 1,190) for telia tin and Rs775 (Rs 750) for loose (10 kg). Soyabeans arrivals in Rajasthan and Maharashtra were 95,000 bags and its prices in Maharashtra were Rs 3,630-3,750 and Rs 3,550-3,750 ex Mandi in Madhya Pradesh and Rs 3,850-3,925 plant delivery. Mustard seed arrivals were 64,000 bags and its prices were Rs 3,230-3,775. On the National Commodities and Derivatives Exchange, February -14 contracts was higher at Rs 684.00 (Rs.683.70); March-14 at Rs 673.05 (Rs671.00); and April at Rs666.50 (Rs664.10). On Thursday, Malaysia BMD crude palm oils February-14 contracts settled lower at MYR 2,557 (MYR 2569); March-14 at MYR 2,565 (MYR 2577); and April-14 at MYR 2,575 (MYR 2587). The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 790 (785); soya refined oil 648 (647); sunflower exp. ref. 610 (610); sunflower ref. 665 (665); rapeseed ref. oil 730 (730); rapeseed expeller ref. 700 (700); cottonseed ref. oil 625 (620); and palmolein 568 (568). Vikram Global Commodities (P) Ltd has quoted Rs 595/10 kg for Malaysia super palmolein February delivery.

Edible oils recover on fresh buying, global cues

Press Trust of India | New Delhi January 22, 2014 Last Updated at 14:57 IST

Edible oil prices recovered up to Rs 200 per quintal at the oils and oilseeds market today following fresh buying by vanaspati millers for the marriage season coupled with higher global trend. Linseed oil in the non-edible section also went up on increased demand from paint industries. Marketmen said fresh buying by vanaspati millers for the marriage season amid a firm global trend, where palm oil advanced to a two-week high on speculation that a weakening Malaysian currency may spur demand for ringgit-denominated futures, mainly influenced the sentiment. Meanwhile, palm oil climbed 0.4 per cent to 2,597 ringgit (USD 781) a tonne, the highest level since January 6 on theMalaysia Derivatives Exchange. In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oil recovered by Rs 100 and Rs 50 to Rs 7,900 and Rs 7,250 per quintal, respectively. Tracking a firm global trend, palmolein (rbd) and palmolein (Kandla) oils shot up by Rs 200 each to Rs 6,400 and Rs 6,000 per quintal, respectively. Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also enquired higher by Rs 100 each to Rs 7,200 and Rs 6,900 per quintal, respectively. In the non-edible section, linseed oil rose by Rs 50 to Rs 7,350 per quintal on increased demand from paint industries.