29-Nov-2013
Speculation over a possible hike in edible oils’ Customs duty fuelled sentiments in the edible oils market on Friday. But slack demand, selling pressure in indigenous oils and a weak futures market kept prices stable on Friday.
Barring palmolein, which increased by Rs 2 and rapeseed oil which declined by Rs 2, all other edible oils remained unchanged. The volume remained thin, said sources.
A broker said: “On hopes of import duty hike, a leading refinery stopped offering palmolein and super palmolein, while other refineries continued offering as demand was subdued. Needy stockists bought a about 80-100 tonnes of palmolein at Rs 598-600 for ready delivery in Mumbai and 250-300 tonnes of palmolein at Rs 592-596 ex-JNPT for December 10.
In producing centres, soyabean supplies are limited, but cotton supplies from the new season have been rising in spot markets that put pressure on edible oil prices. Soyabean arrivals are also likely to jump in the coming days.”
Towards the day’s close, Liberty was quoting super deluxe palmolein at Rs 650, soyabean refined oil at Rs 680 and sunflower refined oil at Rs 765.
Ruchi quoted palmolein at Rs 610, soyabean refined oil at Rs 670 and sunflower refined oil at Rs 721.
Allana was quoting palmolein at Rs 608 for December 10, super palmolein at Rs 625, super deluxe at Rs 645, soyabean refined oil at Rs 675 and sunflower refined oil at Rs 745. In Rajkot, groundnut oil was quoted at Rs 1,300 (Rs 1,270) for telia tin and loose (10 kg) was Rs 825 (Rs 810).
Soyabean arrivals were 4 lakh bags and prices were Rs 3,600-3,750 in Maharashtra while in Madhya Pradesh it was Rs 3,700-3,875 ex mandi and Rs 3,900-80 plant delivery.
Mustard seed arrivals were 85,000 bags and its prices were Rs 3,350-3,700.
Source:- thehindubusinessline.com
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