Edible oils under pressure on uncertainty over new import duty, poor demand

Mumbai, July 29:  

Uncertainty over import duty and lack of new demand kept edible oils under pressure on Friday. The market witnessed a dull trading day as stockists stayed away, tracking bearish futures. On BCE the majority of edible oils remained unchanged. Malaysian palm oil and Chicago soya oil projections ruled weak, which pulled down NCDEX soya oil by Rs 2-3 till evening. Local refineries have kept their rates steady.

As higher volumes were witnessed in the previous session, activities remained isolated and limited. During the day hardly 200–250 tonnes of palmolein was resold at Rs 527–530. Morale was steady with a cautious mood, sources said.

Liberty’s rates for palmolein ex-STC/ Shapur were higher at Rs 534/Rs 535 for August 15-30 and Super palmolein at Rs 554 for the same period.

Allana’s rates for palmolein ex-Khapoli / IVP were Rs 533/ Rs 536 for August 17. Soya refined oil was at Rs 642 for August 17. Sunflower refined oil was Rs 665 for the same date.

Golden Agri’s rate for palmolein ex-JNPT was Rs 533 for August 9 and Rs 527 for August 10-20 and Aug 20-30. Emami quoted palmolein at Rs 530 for Aug 20.

At Rajkot, groundnut oil was Rs 1,340 (Rs 1,330) for Telia tin. Loose (10 kg) was Rs 840 (Rs 835).

Malaysian crude palm oil August-17 futures closed lower at MYR 2,666 (MYR 2,692) and Sept -17 at MYR 2,656 (MYR 2,684).

On the National Commodities and Derivatives Exchange, soyabean refined oil August 17 futures was Rs 643.50 (Rs 646.60) and Sept 17 was Rs 650 (Rs 652.85).

On The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 890 (890), soya refined oil 630 (630), sunflower exp. ref. 595 (595), sunflower ref. 655 (655), rapeseed ref. oil 770 (770), rapeseed expeller ref. 740 (740), cottonseed ref. oil 685 (685) and palmolein 530 (530).

(This article was published on July 29, 2017)

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