Volatile futures, slack demand drag edible oils

| Updated on: Jan 01, 2014
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In the absence of cues from the world market, volatile domestic futures and slack physical demand kept edible oil prices under check on Wednesday. Domestic soya oil futures ruled weak as speculators trimmed positions by booking profits from previous day’s sharp gain. Local refineries increased their rates for palm oil by Rs 3-5 for 10 kg.

In Mumbai, barring palmolein which rose by Rs 3, groundnut, sunflower and cotton oil dropped by Rs 5 each. Rapeseed oil declined by Rs 2 for 10 kg. The volume remained isolated and thin. Towards the day’s close, Liberty was quoting palmolein at Rs 580, super palmolein Rs 600, super deluxe palmolein Rs 620, soyabean refined oil Rs 655 and sunflower refined oil Rs 710. Ruchi quoted palmolein at Rs 580, soyabean refined oil Rs 648 and sunflower refined oil Rs 675 for January. Allana quoted palmolein at Rs 581, super deluxe at Rs 621, soyabean refined oil at Rs 660 and sunflower refined oil at Rs 700. Resellers quotd palmolein at Rs 573-574 ex-JNPT.

In Rajkot, groundnut oil declined further by Rs 5 to Rs 1,260 for telia tin and loose (10 kg) at Rs 800 (Rs 805). Soyabean arrivals were isolated in producing states and prices were Rs 3,620-3,750 and in Madhya Pradesh Rs 3,650-3,900 ex mandi and Rs 3,875-3,950 plant delivery. Mustard arrivals were 61,000 bags and prices were Rs 3,200-3,600.

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 800 (805), soya refined oil 648 (650), sunflower exp. ref. 630 (635), sunflower ref. 675 (680), rapeseed ref. oil 735 (735), rapeseed expeller ref. 705 (705) cottonseed ref. oil 610 (615) and palmolein 575 (572).

Published on January 01, 2014

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