Edible oils may rise on falling palm oil stocks

Our Correspondent Updated - June 05, 2013 at 09:04 PM.

BL06_EDIBLE_OIL

Soyabean refined oil rose in domestic futures market on Wednesday, tracking the higher closing of Malaysian palm oil futures. While slack demand pulled soyabean and cotton refined oil down in physical markets by Re 1 each, groundnut oil fell by a further Rs 10 in line with bearish trends in Saurashtra. Sunflower, rapeseed and palmolein ruled steady.

Volumes were thin but the undercurrent was firm on the prospects of higher festival demand in the coming months, an observer said.

Sources said that market players expect support from lower stocks in Malaysia by the end of the month. The Malaysian Palm Oil Board, the official regulator, will release official stocks data on Monday.In the local market, about 200–250 tonnes of palmolein was resale traded at Rs 507-Rs 508. Liberty sold about 300-350 tonnes of Super palmolein at Rs.550. Soyabean arrivals were 63,000- 65,000 bags, including 33,000 bags in Madhya Pradesh and their prices were Rs 3,650- Rs 3,700 ex-mandi and Rs 3,800- Rs 3,850 for plant delivery. Mustard seed arrivals were 2 lakh bags and prices were Rs 3,100-Rs 3,575.

At the close of the day, Liberty was quoting Palmolein at Rs 515-Rs 517, super palmolein at Rs 553, super deluxe at Rs 573 and sunflower refined oil at Rs 780. In Rajkot, groundnut oil declined by Rs 20 to Rs 1,650 (Rs 1,670) for telia tin and by Rs 10 to Rs 1,070 (Rs 1,080) for loose (10 kg). On the National Commodities and Derivatives Exchange, soyabean refined oil’s July futures ended higher by Rs 3.60 to Rs 693.50 (Rs 689.90), August was up by Rs 2.80 to Rs 685.80 (Rs 683.00) and September increased by Rs 1.90 to Rs 675.50 (Rs.673.60). Malaysia BMD crude palm oil’s July -13 futures contracts settled higher at MYR 2,395 (MYR 2,366), August at MYR 2,403 (MYR 2,375) and September ended at MYR 2,400 (MYR 2,376) a tonne. Vikram Global Commodities, Chennai , quoted Malaysian Super Palmolein, ex-Chennai at Rs 560 for 10 kg.

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 1,065 (1,075), soya refined oil 665 (666), sunflower exp. ref. 675 (675), sunflower ref. 765 (765), rapeseed ref. oil 695 (695), rapeseed expeller ref. 665 (665) cottonseed ref. oil 642 (643) and palmolein 508(508).

Published on June 5, 2013 15:34