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Spot Refined Soy Oil Rises On Demand, Global Cues

3 Jan 2017 3:21 pm
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MUMBAI (Commoditiescontrol) – Refined soy oil traded higher in most of the markets of the country on Tuesday due to strong global cues.

Sentiment was positive since early trade tracking U.S futures market, which rose 0.72 percent on expectation of demand to rise from China for re-stocking ahead of Chinese new year later this month.

In addition to it, the local currency rupee is also showing signs of weakness. Weak rupee makes edible oil imports costlier.

A trader from Indore said, soy oil market share increased amid rising demand and falling price gap with other edible oil in the complex.

Mustard oil continued to trade Rs 11/Kg higher than soy oil, while the premium with other rival sunflower oil has reduced to $30 per tonnes as on January 2 against $57 on December 2.

Further some fresh inquiries were also witnessed from interiors and remote areas of the country, as inventories with stockist have dried up after demonetisation.

But, with easing circulation of new currency in the market and increase in withdrawal limits, spending capacity has been improved from end-consumers.

Traders were also seen booking new stock ahead of festive demand "Sankranti" in mid-January to "Holi" in mid-March.

The big support for prices were coming from falling stocks at varioius ports of the country which totalled 1.30 lakh tonnes as on 26-December against 1.45 lakh tonnes on 19-December.

The stocks are not only down week on week basis, but the same is down against 1.63 lakh tonnes during same period last year, the trader concluded.

Refined soy oil most active January contract on NCDEX was higher 0.27 percent or Rs 2 at Rs 728.8/10kg against previous close of Rs 726.8 while forward February contract was positive at Rs 716.7 against Rs 716.6 on previous session.

Following are soy oil prices (Rs/10kg) in various markets of India at 1:30 pm(IST).
Soy oil 3-Jan-17 2-Jan-17 Change
Mumbai 710 710 -
Indore 735 730 5
*Akola 757 755 2
*Alwar 750 745 5
*Amravati 758 756 2
*Bharatpur 750 745 5
*Kota 745 740 5
*Bundi 745 740 5
Kolkata 720 715 5
Kandla 725 720 5
*Dhulia 761 758 3
*Latur 750 747 3
*Nagpur 762 760 2
*Nanded 750 747 3
*Solapur 750 747 3

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

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