Edible oil trade cautious as crushing set to peak

| | Updated on: Dec 16, 2013

Bearish futures pulled down edible oils prices in physical market initially but prices recovered at the end of the day following a rebound in Malaysian palm oil futures.

In Mumbai spot market, palmolein and rapeseed oil dropped by Rs 2 each. Cotton refined oil declined by Rs 7 and groundnut oil dipped by Rs 10 for 10 kg. Soyabean and sunflower oil ruled unchanged.

The volume remained thin as market declined in the last few days due to lack of demand.

Traders are cautions as arrivals have peaked and begun flooding markets ahead of peak crushing.

Towards the day’s close, Liberty was quoting palmolein at Rs 590, super palmolein at Rs 610, super deluxe palmolein at Rs 630, soyabean refined oil at Rs 670 and sunflower refined oil at Rs 725. Ruchi quoted palmolein at Rs 585, soyabean refined oil at Rs 660 and sunflower refined oil at Rs 695.

Allana was quoting palmolein at Rs 590, super deluxe at Rs 630, soyabean refined oil at Rs 670 and sunflower refined oil at Rs 720. Resellers offered palmolein at Rs 580 ex-JNPT.

In Rajkot, groundnut oil was Rs 1,230 (Rs 1,230) for telia tin and loose (10 kg) was Rs 790 (Rs 790).

Soyabean arrivals were 2.50 lakh bags and prices were Rs 3,600-3,750 in Maharashtra and in Madhya Pradesh it was Rs 3,700-3,825 ex mandi and Rs 3,850-3,920 plant delivery. Mustard seed arrivals were 70,000 bags and its prices were Rs 3,270-3,850.

Malaysia BMD crude palm oil ’s January settled at MYR 2,541 (MYR 2,541), February at MYR 2,568 (MYR 2,562) and March at MYR 2,580 (MYR 2,570).

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 810 (820), soya refined oil 665 (665), sunflower exp. ref. 650 (650), sunflower ref. 700 (700), rapeseed ref. oil 743 (745), rapeseed expeller ref. 713 (715) cottonseed ref. oil 628 (635) and palmolein 583 (585).

Published on December 16, 2013

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