Login ID:
Partner Login
Contact Us : 07666977977

Spot RBD Palmolein, CPO Futures Rises On Demand, Squeezed Supply

3 Jan 2017 4:56 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol) - RBD Palmolein traded higher in most of the markets of the country on Monday tracking positive cues from global market.

India RBD palmolein followed gain in benchmark U.S and Malaysia market. U.S soy oil rose today by 0.7 percent, while Malaysia palm oil rose 1.8 percent supported by better than expected December export data.

Cargo surveyors ITS and SGS said that palm oil exports from Malaysia during the month of December dropped only by 2-6 percent against a month ago, which was better than market expectations.

Earlier palm oil exports data during December 1-20 was down around 14 percent.

Expectation of lower production in December as well also helped the market sentiments. South Peninsula Palm Oil Association (SPPOMA) estimated December output likely to fell 5 percent.

Indian currency today edged lower by 0.26 percent against U.S dollar also helped bullish cause. Weak rupee makes edible oil costlier.

A trader from Kolkata, palm oil outlook is turning positive following tight supply from producing regions, and improving demand in local market specially from interiors and remote areas, where supply has mostly dried up after demonetisation amid low purchased due to cash crunch.

Palm oil prices are gaining support from rising U.S soy oil futures, which is higher in todays trade on expectation of China re-stocking of edible oil ahead of Chinese new year later this month-end.

In a cautious note the trader added, Palm oil (CPO+RBD) stock at various ports of the country have risen to 2.77 lakh tonnes as on December 26, against 2.61 lakh tonnes on December 19.

However, the stocks are still down against 4.15 lakh tonnes during same period last year, ahead of festive demand "Makar Sankranti" on mid-January to "Holi" on mid-March.

Crude palm oil most active January contract on MCX was trading 0.6 percent higher or Rs 3.5 at Rs 582.3/10kg against Rs 578.8 on previous session.

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

Market 3-Jan-17 2-Jan-17 Change
Mumbai 625 620 5
Kakinada 618 612 6
Chennai 625 620 5
Manglore 632 625 7
Kandla 625 620 5
Kolkata 620 612 8
Ahemdabad 630 620 10
Nellore 618 610 8

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

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
DJ USDA Minnesota/North Dakota Daily Oilseed Prices - M...
DJ MGEX Grains Close - Mar 19
DJ CBOT Grains/Oilseeds Settlements - Mar 19
DJ CBOT Soyoil/Soymeal Close - Mar 19
DJ ICE Canada Review: Canola falls with U.S. soybeans
Top 5 News
DJ Nymex/Comex Globex Metals Futures Hourly Price Updat...
DJ Tokyo Rubber Also Pressured Amid Risk-Off Tone -- Ma...
DJ Spot Gold Steady After Overnight Uptick -- Market Ta...
DJ Nymex/Comex Globex Metals Futures Hourly Price Updat...
DJ Nymex/Comex Globex Metals Futures Hourly Price Updat...
Top 5 Special Reports
Spot Turmeric Prices Moves Up On Lower Arrivals
Technical : Jeera Unjha Spot : Expect Slide Towards 140...
Technical : Dhaniya Kota Spot : Breakout Above 5700 Is ...
India Sugar Production Up 47% Y/Y At 258.06LT - ISMA
COOIT Pegs Mustard Output At 70.5 Lakh Tonnes For 2017-...
Copyright © CC Commodity Info Services LLP. All rights reserved.