Mixed trend in edible oils

Our Correspondent Mumbai | Updated on July 23, 2014

Sentiments in the edible oils market turned weak on Wednesday tracking bearish futures markets amid slack physical demand. On the Bombay Commodity Exchange, prices were mixed with imported palmolein, soyabean and sunflower oil ruling steady. Lower arrivals of seeds and expectation of a one-month delay in new arrivals kept groundnut, cotton and rapeseed oils firm with gain of ₹10, ₹2 and ₹1 each for 10 kg. A Mumbai-based broker told BusinessLinei that “activities in the physical market remained thin for the third consecutive day. With the monsoon progressing fast in the western part of the country, hopes for the ongoing kharif sowing have brightened. From August, festival demand for edible oils and other commodities will rise and thus will support the sentiment. The current tight supply situation is expected to ease as over 1.50-1.75 lakh tonnes of soya oil and palm oil shipments are expected to arrive soon.”

At the end of the day, Liberty was quoting palmolein ₹570 for August 20, Super palmolein ₹590 for July 25 to August 20, and Soyabean refined oil ₹642 for August 20. Ruchi was quoting palmolein ₹568 for August, ₹570 for September. Soyabean refined oil ₹635 for August and ₹638 for September. Sunflower refined oil ₹632 for August and ₹635 for September. Allana was quoting palmolein at ₹568. In Saurashtra, groundnut telia tin continued up trend with gain of ₹15 to ₹1,255 (₹1,240) and Loose (10 kgs) up by ₹10 to ₹800 (₹790).

Malaysia crude palm oil August contracts settled lower at MYR 2,342 (MYR 2,365), September at MYR 2,283 (MYR 2,312) and October declined to MYR 2,255 (MYR 2,279).

On the Bombay Commodity Exchange, spot rates (₹/10 kg) were: groundnut oil 800 (790), soya refined oil 642 (642), sunflower exp. ref. 585 (580), sunflower ref. 645 (645), rapeseed ref. oil 726 (725), rapeseed expeller ref. 696 (695) cottonseed ref. oil 660 (658) and palmolein 570 (570).

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Published on July 23, 2014
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