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Spot RBD Palmolein Pause On Weak Cues, Demand

6 Jan 2017 4:16 pm
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MUMBAI (Commoditiescontrol) - RBD Palmolein traded lower in most domestic markets of India on Friday due to weak cues from international market.

Sentiment weakened as Malaysian palm oil future dropped nearly 1 percent amid strong ringgit. Further cues from US soy oil was not so encouraging either.

A trader from Kolkata said, "demand for palm oil have slowed in today's trade following volatility in futures market coupled with narrow price gap with other edible oil in the complex."

While, demand from end-consumers was slow due to cold weather, as the same solidifies in winter, demand shift to rival refined soy or sunflower oil.

The price gap with rival soy oil narrowed to $57 per tonne as on 06-January, whereas the same should have been around $80-90 due to winter season.

According to trader, palm oil outlook is seen as stable to positive in near-term since output and thereby ending stock will be lower in near-term since last year's El-Nino dry weather has affected palm oil yields and production.

Palm oil production was down 8 percent in December after falling 6 percent in November, various survey indicated.

South Peninsula Palm Oil Association (SPPOMA) has estimated palm oil production down 14 percent during January 1-5.

In domestic market, palm oil supply is tight as port stock totaled 2.77 lakh tonnes as on Dec 26 against 4.15 lakh tonnes during same period last year. This may support prices as the country will be witnessing festive season starting from mid-Jan to mid-March.

Tracking weak cues from Malaysian futures market, crude palm oil most active January contract on MCX was trading lower 0.53 percent or Rs 3.1 at Rs 580.8/10kg against Rs 583.9 on previous session, while forward February contract was down 0.31 percent at Rs 570.9 against Rs 572.7 on previous session.

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

Palmolein 6-Jan-17 5-Jan-17 Change
Mumbai 624 626 -2
Kakinada 615 617 -2
Chennai 620 625 -5
Manglore 630 632 -2
Rajkot 623 623 -
Kandla 625 625 -
Kolkata 622 625 -3
Ahemdabad 630 630 -
Nellore 610 615 -5

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

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