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RBD Palmolein Rises In Spot On Improving Demand

5 Jan 2017 2:57 pm
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MUMBAI (Commoditiescontrol) - RBD Palmolein traded higher in most markets on Thursday after mixed trend witnessed for last couple of sessions.

A trader from Kolkata said, palm oil prices are getting support from strong tone in soy oil as price gap between the two has narrowed.

Demand from palm oil is likely to shift to soy oil due to narrow price difference of just $49 per tonne. Usually price difference between the two during December-January stood around $90-100 per tonne as consumption of palm oil reduced in winter season.

The low price gap between the two mainly due to rise in crude palm oil prices amid production concern and steady to good export demand.

On the other hand, demand for palm oil is improving gradually as supply is seen squeezed from producing region.

Malaysia palm oil production in December likely to drop 8.9 percent against 6 percent a month earlier, Bloomberg services said citing a survey. It further added that inventories by December end likely to fell 2.4 percent.

According to traders demand for RBD palmolein is improving from interior areas as they had in recent times sourced the commodity in limited quantity due to liquidity crunch and with now money circulation getting better the demand is likely to see surge from there.

However, big upside likely to be capped due to sufficient availability of palm oil at various ports which totaled at 2.77 lakh tonnes as on Dec 26 against 2.61 lakh tonnes on Dec 19.

According to trader, demand likely to outpaced available stock, as the country will be witnessing festive season starting from mid-Jan to mid-March.

Crude palm oil prices at benchmark Malaysian futures market was trading down 0.8 percent as Ringgit was trading strong 0.44 percent after hitting 18-year low on previous session.

Tracking weak cues from Malaysian futures market coupled with strong local currency Ruppee, crude palm oil
most active January contract on MCX was trading soft at Rs 586.1/10kg against Rs 586.8 on previous session, while forward February contract was lower 0.33 percent at Rs 573.7 against Rs 575.6 on previous session.

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

Palmolein 5-Jan-17 4-Jan-17 Change
Mumbai 626 626 -
Kakinada 617 620 -3
Chennai 625 625 -
Manglore 632 630 2
Rajkot 623 620 3
Kandla 625 620 5
Kolkata 625 620 5
Ahemdabad 630 622 8
Nellore 615 615 -

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


       
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