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Spot RBD Palmolein Slips On Sluggish Demand

9 Jan 2017 3:12 pm
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MUMBAI (Commoditiescontrol) - A mixed tone was observed in RBD Palmolein in spot markets across the country on scattered buying and selling activity despite positive cues.

Malaysian palm oil futures ended 1.2 percent at 3,113 ringgit per tonne supported by weak ringgit and concern about lower production. However market awaits key Malaysia Palm Oil Board (MPOB) supply-demand report due on January 10, 2016.

In addition to it, prices were also drawing support from expectation of improvement in export demand from China for re-stocking ahead of week long Chinese new year starting by January-end. Palm oil stocks as on January 9 at Chinese port are lower at 4.10 lakh tonnes against 8.17 lakh tonnes last year.

In domestic market, prices in futures market were supported by strong upmove in benchmark Malaysian futures market coupled with weakness in local currency rupee which is down 0.23 percent.

However, prices in spot market were mixed with negative sentiment as cold weather has reduced demand for regional oil and has been shifted to soy or sunflower oil.

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

Tracking strong cues from Malaysian futures market coupled with weak Rupee, crude palm oil most active January contract on MCX was trading up 0.41 percent or Rs 2.4 at Rs 583.8/10kg against Rs 581.4 on previous session, while forward February contract was higher 0.6 percent at Rs 575.5 against Rs 572.1 on previous session.

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

Palmolein 9-Jan-17 7-Jan-17 Change
Mumbai 621 620 1
Kakinada 615 615 -
Chennai 622 620 2
Manglore 625 628 -3
Rajkot 620 623 -3
Kandla 625 625 -
Kolkata 620 622 -2
Ahmedabad 628 625 3
Nellore 615 610 5

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


       
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