Edible oils under pressure | Business Line

Satisfactory progress of rain in main oilseeds producing states and weak overseas futures kept edible oils under pressure on Friday. On BCE barring soya oil which declined by Rs2, all other edible oils were steady. Volume remained routine as stockiest have purchased enough previous session. Malaysian palm oil closed lower. Soya oil futures on NCDEX were range bound with thin volatility. Morale was positive on expectation of higher demand coming days.

Sources said on back of higher demand support previous day, local refineries have increase their rates but volume remained thin as they stay away. During the day about 450 – 500 tons of palmolein and 100 – 150 tons of soyabean refined oil changed the hand prevailing rates.

Liberty’s rates for Palmolein increased to Ex STC / Shapur were Rs533 / Rs 534 for 14 August and Super palmolein Rs 554 for 14 August.

Allana’s rates for Palmolein were ex Khapoli / IVP Rs535 / Rs538 for 17 August. Soya refined oil Rs645 for 17 August. Sunflower refined oil Rs665 for 17 August.

Golden Agri’s rate for palmolein ex JNPT was Rs522 for 5 August.

At Rajkot, groundnut oil was Rs1410 (Rs1410) for Telia tin and for Loose (10 kgs) was Rs875 (Rs880).

Malaysian crude palm oil August – 17 futures closed lower at MYR 2612 (MYR 2621) and Sept -17 at MYR2582 (MYR 2589).

On National Commodities and Derivatives Exchange Soyabean refined oil August-17 futures was Rs644.60 (Rs.644.15) and Sept-17 increase to Rs649.20 (Rs.648.45).

On The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 930 (930), soya refined oil 628 (630), sunflower exp. ref. 595 (595), sunflower ref. 655 (655), rapeseed ref. oil 760 (760), rapeseed expeller ref. 730 (730), cottonseed ref. oil 683 (683) and Palmolein 521 (521).

(This article was published on July 21, 2017)

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