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Spot RBD Palmolein Strong On Thin Supply

2 Jan 2017 3:40 pm
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MUMBAI (Commoditiescontrol) - RBD Palmolein traded higher in most of the markets of the country on Monday on tracking decent gain on futures.

However cues from benchmark market U.S and Malaysia, for edible oil was absent due to closure for extended new year holiday.

A trader from Kolkata said, market is unclear about todays upside in spot and futures market, however outlook is positive in near-term as supply is seen thin from producing regions.

Sentiment was positive after cargo surveyor Intertek reported Malaysian palm oil December month exports down 5.7 percent in month of December, recovering from 17 percent down during December 1-20.

In addition to it, the local currency rupee was 0.2 precent lower, which added support to prices.

In local market, Palm oil (CPO+RBD) stock at various ports of the country was totalled 2.61 lakh tonnes as on 19-December, against 4.15 lakh tonnes during same period last year.

While, demand for palm oil likely to rise in coming weeks for festive demand starting from "Makar Sankranti" to "Holi".

Crude palm oil most active January contract on MCX was trading 1 percent higher or Rs 5.8 at Rs 576.3/10kg against Rs 570.5 on previous session.

Following are refined, bleached and deodorized (RBD) palmolein prices (Rs/10kg) in various markets of India at 1330 PM (IST).

Palmolein 2-Jan-17 31-Dec-16 Change
Mumbai 620 620 -
Kakinada 612 612 -
Chennai 620 615 5
Manglore 625 620 5
Kandla 620 615 5
Kolkata 612 612 -
Nellore 610 608 2

(By Commoditiescontrol Bureau; +91-22-40015516)


       
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