Login ID:
Partner Login
Contact Us : 07666977977

Spot RBD Palmolein, CPO Futures Mixed On Sluggish Demand

4 Jan 2017 3:31 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol) - RBD Palmolein traded mixed in most of the markets of the country on Wednesday due to weak cues from Malaysian market.

The benchmark March crude palm oil futures on Bursa Malaysia Derivatives (BMD) dropped 20 ringgit at 3143 ringgit per tonne after rally of nearly 2 percent during previous session.

RBD palmolein prices were also pressured by strength in Indian rupee. Strong rupee makes imports cheaper.

Domestic demand for RBD palmolein at present is weak, however expected to gain momentum going forwards as pipeline with stockists are lower as they have sourced in limited quantity in recent weeks due to liquidity crunch.

Palm oil prices in the recent months has shown bullish movement due to production concern, whereas soybean oil and sunflower oil were in negative trajectory which has shifted demand to soy and sunflower oil.

Currently price difference with with rival soy oil is $48 per tonne as on January 4, whereas the same should be around $80-90 due to winter season. Whereas, palm-sunflower oil price gap is $22.

Further to it, palm oil (CPO+RBD) stock at various port of the country totalled 2.77 lakh tonnes as on Dec 26 against 2.61 lakh tonnes on Dec 19.

However, long term outlook for palm oil seen positive as supply seen squeezed from producing regions.

Malaysian palm oil production was down 6 percent in November, and the same is expected to be lower in December month as seasonal floodings due to heavy rains in east coast may disrupt harvesting and transportation.

In local market, despite built up in stock at ports, demand likely to rise in coming weeks ahead of festive season during mid-Jan to mid-March, as inventories are dried up in remote and interior areas after demonetizaiton.

At local bourses, crude palm oil most active January contract on MCX was up 0.1 percent or Rs 0.6 at Rs 582.1/10kg against Rs 581.5 on previous session, while forward February contract was down 0.15 percent at Rs 570 against Rs 570.9 on previous session.

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

Palmolein 4-Jan-17 3-Jan-17 Change
Mumbai 626 625 1
Kakinada 620 618 2
Chennai 625 625 -
Manglore 630 632 -2
Rajkot 620 -
Kandla 620 625 -5
Kolkata 620 620 -
Ahemdabad 622 630 -8
Nellore 615 618 -3

(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 ICE Canada Review: Canola Strengthens in Quiet Trade...
DJ ICE Canola Firms with Vegetable Oil in Low Trade
DJ ICE Futures Canada Grains Volume And Open Interest -...
DJ ICE Canola Starts Week Off Higher
Steady Trend Continues In Spot Groundnut Oil Cake
Top 5 News
*DJ Rio Tinto Says Exploration Activities Discontinued ...
*DJ Rio Tinto Says Output, Shipping Guidance for 2017 U...
*DJ Rio Tinto 4Q Titanium Dioxide Slag Output 300,000 T...
*DJ Rio Tinto CEO Says Focus Remains on Productivity, C...
*DJ Rio Tinto 2016 Semisoft, Thermal Coal Output 21.36M...
Top 5 Special Reports
India’s Wheat Production May Hit A Fresh Peak If Weathe...
Global Spun Yarn Markets In Week of January 14
Global Manmade Fibre Markets In The Week Of January 14
Global Polyester Raw Material Markets In The Week Of Ja...
Technical: Soya Bean Indore- Pullback Possibility Remai...
Copyright © CC Commodity Info Services LLP. All rights reserved.