Edible oil stockists build inventories at lower rates

Our Bureau Updated - March 12, 2018 at 03:12 PM.

Edible oils prices ruled marginally weak but a smart recovery was witnessed in the overall volume as stockists came forward with fresh orders tracking firm futures markets. About 2,300-2,500 tonnes of edible oils – mostly palm group of oils - were traded on Wednesday.

A sharp cuts of Rs 9 for palmolein by a leading refinery pulled down prices.

Groundnut oil dropped by Rs 5 and rapeseed oil declined by Rs 3 on better rabi crop prospects.

Soyabean and sunflower oils were unchanged. Cotton refined oil was up by Rs 3. The sentiment was cautious ahead of key industry data of Malaysia and the US, said a leading broker.

Shailesh Kataria of Riddhi Broker said: “A firm trend was witnessed in futures markets ahead of production, exports and stocks data from Malaysia for palm oil and the US for soyabean.“On expectation of positive data and sharp price reduction by a local refinery, local traders put fresh orders which lead to higher volumes”.

Sources said Liberty sold 600-700 tonnes palmolein at Rs 511-513 and 100-150 tonnes super palmolein at Rs 565. Ruchi sold about 900-1,000 tonnes palmolein at Rs 505 ex JNPT and sunflower oil 90-100 tonnes at Rs 785. Resellers off loaded 400-500 tonnes palmolein in the range of Rs 503-507.

Some quantity of soya oil and cotton oil also changed hand.

In Saurashtra – Rajkot, groundnut oil dropped to Rs 1,960 (Rs 1,960) for telia tin and Rs 1,275 (Rs 1,280) for loose (10 kg).

Towards the end of the day, Liberty was quoting palmolein at Rs 511-513 for Jan and Rs 530-532 for February. Super palmolein Rs 565, soya refined oil Rs 685 and sunflower refined oil Rs 800. Ruchi quoted palmolein at Rs 517 for Jan and Rs 525 for Feb 1-25, soyabean refined oil Rs 680 and sunflower refined oil Rs 785 for Jan. Allana’s rates for palmolein was Rs 515 and super palmolein Rs 565.

On the National Commodities and Derivatives Exchange , soyabean refined oil’s February futures were up Rs 699.00 (Rs 691.35), March was Rs 685.80 (Rs 681.30) and April was Rs 681.10 (Rs 679.20). Malaysia’s crude palm oil’s February contracts closed higher at MYR 2,366 (MYR 2,338), March at MYR2,412 (MYR2,390) and April was MYR2,442 (MYR 2,430) a tone.

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 1,275 (1,280); soya refined oil 685 (685); sunflower exp. ref. 720 (720); sunflower ref. 790 (790); rapeseed ref. oil 812 (815); rapeseed expeller ref. 782 (785) cottonseed ref. oil 615 (612) and palmolein 505 (506).

Vikram Global Commodities, Chennai has quoted Rs 573 for 10 kg Malaysian super palmolein.

Published on January 9, 2013 16:13