Commodities

Refineries' buyback lifts edible oils

Our Correspondent Mumbai | Updated on November 09, 2017 Published on January 10, 2011

BL11_COM2_EOIL

Two leading refineries here bought back 1,800-1,900 tonnes of palmolein on a day when most of the volumes that the edible oil market witnessed was due to buybacks. Regular suppliers/refineries were the buyers, with the traders/stockists playing the sellers. On Monday, selling prices were not quoted and everyone concentrated on buyback, market sources said. Because of dull demand, the market sentiment was weak.

Prices of groundnut oil, soya refined oil and sunflower oil increased Rs 5 and cotton oil by Rs 8/10 kg. In the absence of local demand, there was no trade in resale. In the producing centres, arrivals of seeds is slowly picking up. In the South,, new arrivals of groundnuts put pressure on prices. In Saurashtra, groundnut oil prices were steady at Rs 1,155 (Rs 1,155) a tin and Rs 745 (Rs 745)/10 kg.

In Malaysia, crude palm oil (CPO) futures continued to decline on profit-taking, in tandem with fall in soya oil and crude oil futures, and narrowing of price difference between palm and rival soya oil. Malaysia's palm oil exports during January 1-10 rose 0.8 per cent, compared with the same period last month, to 300,250 tonnes, cargo surveyor Intertek Agri Services said on Monday. China's December edible oil imports rose 11 per cent from a year ago to 790,000 tonnes, and were up 32 per cent compared with November, 2010, the General Administration of Customs said on Monday.

A wholesaler said though the month has just begun, the absence of demand has restricted volumes till now. On Monday, refineries Ruchi and Liberty bought back about 1,000-1,200 tonnes and 500-700 tonnes of palmolein at Rs 583-Rs 578/10 kgs. In Indore, soyabean arrivals were about 2 lakh bags quoting at Rs 2,320-Rs 2,350 a quintal.

Malaysia's BMD CPO January contracts closed at MYR 3,775 (3,800) and February at MYR 3,771(3,800). Indore NBOT soya oil January contracts ended Rs 630 (Rs 631) and February at Rs 641.10 (Rs 642.40).

Mumbai commodity exchange spot rate (Rs/10kg): Groundnut oil 770 (765), soya refined oil 620 (615), sunflower exp. ref. 675 (670), sunflower ref. 720 (720), rapeseed ref. oil 637 (637), rapeseed expeller ref. 607 (607), cotton ref. oil 600 (592) and palmolein was 582 (582).

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Published on January 10, 2011
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