Commodities

Select edible oils up

PTI New Delhi | Updated on February 05, 2011

In a mixed pattern of trading, select edible oil strengthened at the wholesale oils and oilseeds market during the week on increased buying by vanaspati millers amid a firming global trend, while a few others remained weak on lack of support.

However, non-edible oils moved in a tight range in restricted buying activity and settled around the previous levels.

Market analysts said increased buying by vanaspati millers, driven by the ongoing marriage season and a firm trend overseas, mainly led to a rise in select wholesale edible oil prices.

Palm oil prices surged to a 35-month high in Kuala Lumpur oil market and traded at $1,280 a tonne due to concerns of a drought in South America.

Reports that the state-run PEC Ltd invited bids for the import of 21,000 tonnes of refined bleached and deodorised palmolein oil, partly influenced the trading sentiment and pulled down select edible oils, they said.

In the national capital, crude palm oil (ex-kandla) and palmolein (rbd) oils shot up by Rs 230 and Rs 100 to Rs 5,600 and Rs 6,350 per quintal, largely on firm global trend. Cottonseed mill delivery (Haryana) oil was also seen in demand and advanced by Rs 70 to Rs 5,810 per quintal.

On the other hand, groundnut mill delivery (Gujarat) oil declined by Rs 100 to Rs 7,400 per quintal. Groundnut solvent refined followed suit and lost Rs 25 to Rs 1,375-1,385 per tin.

Mustard expeller oil (Dadri) oil suffered a setback of Rs 180 to Rs 5,900 per quintal. Mustard pakki and kachi ghani oils traded marginally lower by Rs 5 each to Rs 770-925 and Rs 925-1,025 per tin.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) fell by Rs 20 and Rs 10 to Rs 6,530 and Rs 6,150 per quintal.

GRAINS: Snapping a three-week rising streak, rice basmati and non-basmati, fell in the wholesale grains market during the current week under review on subdued demand at existing higher levels against adequate supply.

Wheat, bajra and jowar also traded lower on reduced offtake from consuming industries against fresh arrivals from the producing regions. However, maize found fag-end buying and improved marginally.

Market analysts said adequate stocks position against subdued demand at the prevailing higher levels mainly pulled down rice basmati and non-basmati rice prices.

Basmati rice export contracts dipped by 10 per cent to 24.41 lakh tonnes in the first 10 months of the current fiscal from a year-ago on sluggish demand, and influenced the trading sentiments to some extent.

They said reduced offtake by flour mills against adequate supply helped wheat dara prices to trade lower.

In the national capital, rice basmati common and Pusa-1121 varieties fell by Rs 100 and Rs 200 to Rs 5,500-5,600 and Rs 4,300-5,300 per quintal, respectively.

Permal raw, wand sela and IR-8 were followed suit and traded lower at Rs 1,850-1,900, Rs 2,050-2,150, Rs 2,150-2,230 and Rs 1,750-1,775 against the last close of Rs 1,900-1,950, Rs 2,050-2,200, Rs 2,175-2,230 and Rs 1,770-1,795 per quintal.

Wheat dara (for mills) also declined by Rs 10 to Rs 1,330-1,335 per quintal, while atta chakki delivery traded lower by the same margin to Rs 1,335-1,340 per 90 kg.

Other bold grain like bajra lost Rs 15 to Rs 815-825 and jowar yellow and white prices were down by Rs 10 and Rs 50 to Rs 870-970 and Rs 1,750-1,800 per quintal, respectively.

However, maize found fag-end buying and rose by Rs 30 to Rs 1,130-1,140 per quintal.

PULSES: There was no change in the trading pattern at the wholesale pulses market during the past week as select pulses prices rose further on sustained buying, while a few other remained weak for want of any worthwhile support.

Traders said sustained buying by stockists and retailers for the ongoing marriage season and restricted arrivals from the producing region mainly led to a rise in select pulse prices.

They said adequate stocks against lack of buying support at the prevailing higher levels helped other pulses such as masoor, gram and moong to trade lower.

Arhar and its dal dara variety jumped up by Rs 250 and Rs 450 to Rs 4,150-4,250 and Rs 5,500-5,900 per quintal, respectively.

Peas white and green were also seen in demand and traded higher by Rs 25 each to Rs 2,000-2,100 and Rs 2,100-2,300 per quintal, respectively.

On the other hand, masoor small and bold prices fell the most by losing Rs 150 each to Rs 3,400-3,600 and Rs 3,550-3,800. Its dal local and best quality followed suit and traded lower by the same margin to Rs 4,150-4,250 and Rs 4,400-4,700 per quintal, respectively.

Urad and its dal chilka local declined by Rs 100 each to Rs 4,200-4,750 and Rs 5,000-5,400. Urad dal best quality and dhoya traded lower by the same margin to Rs 5,450-5,750 and Rs 5,600-5,700 per quintal, respectively.

Moong, moong dal chilka were down by Rs 100 each to Rs 4,150-4,550 and Rs 5,050-5,450 per quintal. Dal moong dhoya local and best quality lost Rs 100 each to Rs 5,300-5,500 and 5,800-6,000 per quintal, respectively.

Gram, gram dal local and best quality were also down by Rs 75 each to Rs 2,600-2,625, Rs 2,850-2,865 and Rs 2,950-3,050 per quintal, respectively.

SUGAR: The wholesale sweetener prices traded lower during the week under review following adequate stocks positions on increased arrivals against subdued retailers and bulk consumers’ demand.

Traders said increased arrivals from mills amid reduced offtake by retailers and bulk consumers mainly led to a decline in wholesale sugar prices.

Sugar medium and second grade prices fell by Rs 20 each to Rs 2,980-3,105 and Rs 2,955-2,980 per quintal, respectively, on reduced offtake.

Sugar mill delivery medium and second grade also traded lower by the same margin to Rs 2,780-2,930 and Rs 2,765-2,905 per quintal, respectively.

In the millgate section, Kinoni, Asmoli, Mawana and Titabi were also traded lower by Rs 10 each to Rs 2,910, Rs 2,890, Rs 2,850 and Rs 2,820 per quintal, respectively.

Titabi, Thanabhaavan, Budhana and Dorala were enquired lower by Rs 10 each to Rs 2,820, Rs 2,790, Rs 2,785 and Rs 2,835 per quintal, respectively.

Published on February 05, 2011

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