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

3 Jan 2017 4:56 pm
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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)


       
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