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Spot RBD Palmolein, CPO Futures Mixed On Sluggish Demand

4 Jan 2017 3:31 pm
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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)

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