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Refined Soy Oil Weak In Spot, Futures On Weak Cues

10 Jan 2017 4:56 pm
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MUMBAI (Commoditiescontrol) – Refined soy oil extended weak tone in most of the spot markets of the country on Tuesday due to sluggish demand.

Global cues were dismal since early trade as U.S soy oil futures edged lower by 0.64 percent during Asian hours, while the local currency was strong 0.16 percent.

Demand for refined soy oil is as per requirement due to slow buying from end-consumers despite subsidising of demonetisation, a trader from Jaipur said.

In addition to it, low price gap with other edible oil in the complex is also pressuring as demand is getting equally divided.

Currently soy oil is trading at premium of $50 per tonnes over rival sunflower oil, while the price gap is narrowed to $55 with palm oil.

Further to it, price gap with mustard oil has also reduced to Rs 10/kg as on January 10, against Rs 12 during early December.

According to trader, the biggest negative factor for weak trend in soy oil is volatility in futures market, as market is focussing on Argentina crop progress which is facing erractic weather condition and may decide next direction for edible oil.

The trader also said, local supply of soybean seed is big enough to meet any immediate demand, if any situation arises from importing countries.

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.

Soy oil stock at varoius ports of the country have risen to 1.46 lakh tonnes as on January 02, against 1.30 lakh tonnes on December 26.

At local bourses, refined soy oil most active February contract on NCDEX was lower 0.65 percent or Rs 4.45 at Rs 712.7/10kg against previous close of Rs 717.15 while current January contract was down 0.44 percent at Rs 722.8 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 10-Jan-17 9-Jan-17 Change
Mumbai 710 710 -
Indore 735 735 -
*Akola 750 753 -3
*Alwar 743 745 -2
*Amravati 751 754 -3
*Bharatpur 743 745 -2
*Kota 738 740 -2
*Bundi 738 740 -2
Kolkata 728 725 3
*Jalna 755 755 -
Kandla 725 725 -
*Dhulia 755 755 -
*Latur 747 747 -
*Nagpur 755 758 -3
*Nanded 747 747 -
Rajkot 720 725 -5
*Solapur 747 747 -

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


       
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