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Spot RBD Palmolein Trades Mix On Sluggish Demand

10 Jan 2017 3:51 pm
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MUMBAI (Commoditiescontrol) - RBD Palmolein traded mixed in most of the markets of the country on Tuesday on sluggish demand.

A trader from Kolkata said, palm oil prices were under pressure in last few days as the same has been rallying in spot and futures market, despite steady to weak cues from global markets.

In addition to it, narrowing price gap with rival soy oil has also pressured demand and prices for the same.

Currently price gap between palm and soy oil was quoted $55 per tonnes as on December-10, whereas the same is considerned to be around $80-90 during winter season.

Further to it, volatility in futures market has avoided market participants to make any fresh commitments.

Global cues were also not encouraging as Malaysian palm oil market dropped 1 percent during late Afternoon session, after trading nearly 1 percent higher during early trade.

In local market, demand for palm oil has slowed in last few session due to drop in temperature.

The trader said, palm oil stock continued to remain on higher side amid sluggish demand in spot market which is also one of the factor for some price correction.

Palm oil stock at various ports of the country as on January 2 totalled at 2.67 lakh tonnes against 2.77 lakh tonnes on December 26.

According to trader, long-term outlook for palm oil seen bullish with volatility as stock and output in producing regions are under pressure due to last year El-Nino dry weather, which is subsidising and may take another 2-3 months to stabilize.

Earlier on the day, Malaysian palm oil Board (MPOB) in its monthly estimates reduced palm oil production by 6.4 percent for December at 14.73 lakh tonnes against November, while December ending stock was marginal up 0.2 percent.

Industry data was inline with market expectation, so market did not showed any excitement as the same was already factored.

In another news, cargo surveyors reported malaysian palm oil export during 1-10 December rose 8-10 percent against same period last year.

Tracking weak cues from Malaysian futures market, crude palm oil most active January contract on MCX was trading lower 0.6 percent or Rs 3.5 at Rs 581.3/10kg against Rs 584.8 on previous session, while forward February contract was down 0.58 percent at Rs 573.4 against Rs 576.8 on previous session.

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

Palmolein 10-Jan-17 9-Jan-17 Change
Mumbai 623 621 2
Kakinada 617 615 2
Chennai 620 622 -2
Manglore 635 625 10
Rajkot 618 620 -2
Kandla 625 625 -
Kolkata 625 620 5
Ahmedabad 620 628 -8
Nellore 620 615 5

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


       
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