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Spot Refined Soy Oil Weak On Sluggish Cues

9 Jan 2017 2:32 pm
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MUMBAI (Commoditiescontrol) – Refined soy oil traded lower in most of the spot markets of the country on Monday due to sluggish demand.

According to Indore-based trader, demand for soy oil is sluggish as end-consumers despite slowing impact of demonetisation, continued to buy essential commodities as per requirement.

In addition to it, availability of other edible oil is improving in domestic market and fueling weakness in oil market.

Further to it, price gap within oil complex has narrowed due to which demand for edible oil is equally divided.

There is uncertainity about Argentina soybean crop due to which volatility is rising in benchmark U.S futures market, due to which market pariticipants are avoiding any big commitments in oil complex, the trader added.

The big negative factor is availability of soybean seed in local market is big enough to meet any immediate demand, even incase of any disruption of supply from overseas market.

Currently soy oil is trading at premium of $32 per tonne against sunflower oil, while gap with palm oil is $57.

The price gap with other rival mustard oil has also reduced to Rs 10/kg as on 09-december against Rs 12 on 01-November-2015.

Soy oil futures on CBot was trading 0.22 percent higher during Asian hours.

The local currency Rupee was soft 0.1 percent which lended some support to market.

At local bourses, refined soy oil most active February contract on NCDEX was down 0.13 percent or Rs 0.95 at Rs 715/10kg against previous close of Rs 715.95 while current January contract was lower 0.24 percent at Rs 724.3 against Rs 726.05 on previous session.

Following are soy oil prices (Rs/10kg) in various markets of India at 1:30 pm(IST).

Soy oil 9-Jan-17 7-Jan-17 Change
Mumbai 710 710 -
Indore 735 735 -
*Akola 753 754 -1
*Alwar 745 750 -5
*Amravati 754 755 -1
*Bharatpur 745 750 -5
*Kota 740 745 -5
*Bundi 740 745 -5
Kolkata 725 728 -3
*Jalna 755 755 -
Kandla 725 725 -
*Dhulia 755 755 -
*Latur 747 747 -
*Nagpur 758 759 -1
*Nanded 747 747 -
Rajkot 725 725 -
*Solapur 747 747 -

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


       
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