Commodities

Volatile futures freeze spot edible oils trade

Our Correspondent Mumbai | Updated on October 12, 2012 Published on October 12, 2012

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Edible oils trading came to a standstill on Friday in Mumbai in view of a volatile futures market. Since stockists had covered the need in the earlier part of the week, they too did not feel the necessity to trade on the oils and oilseed market.

On the other hand, imported palmolein remained subdued, while soyabean refined oil extended gains by Rs 5 on Friday following global cues. High volatility in domestic and global futures markets weighed on the physical market. Tight availability of wash cottonseed oil and lower arrivals of new crops pushed up cotton refined oil by Rs 3 and rapeseed oil by Rs 10 for 10 kg. Groundnut oil rose by Rs 5 despite weak reports from Saurashtra – Rajkot where groundnut oil Telia tin ruled steady at Rs 1,780 and loose 10 kg declined by Rs 10 to Rs 1,170. Palmolein and sunflower oil were flat.

Malaysian crude palm oil futures crashed in the earlier part of the day but later the near-month futures recovered and closed higher. .

Towards the day’s close, Liberty was quoting palmolein at Rs 524 for Oct 15-Nov 15, super palmolein Rs 581, soya refined oil Rs 658. Ruchi quoted palmolein at Rs 520 for Oct 20-Nov 30, super palmolein Rs 581 , soya refined oil Rs 655 and sunflower refined oil Rs 700 . Allana’s rates were Rs 522 for palmolein and Rs 575 for super palmolein.

On the National Commodities and Derivatives Exchange, soyabean refined oil November futures was down by Rs 2.85 to Rs 647.90 , December was Rs 649.10 (Rs 654.20) and January was Rs 654 (Rs 659.20).

Malaysia's crude palm oil November futures settled higher at MYR 2,480 (2,453), while December closed lower at MYR 2,500 (2,523) and January at MYR 2,542 (2,586) a tonne.

The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,140 (1,135), soya refined oil 655 (650), sunflower exp. ref. 645 (645), sunflower ref. 700 (700), rapeseed ref. oil 835 (825), rapeseed expeller ref. 805 (795) cotton ref. oil 675 (672) and palmolein 521 (521).

Published on October 12, 2012
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