Login ID:
Partner Login
Contact Us : 07666977977

RBD Palmolein Down In Spot On Weak Global Cues

13 Feb 2017 2:47 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

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

MUMBAI (Commoditiescontrol) - RBD palmolein traded down in most of the spot markets of the country on Monday due to weak global cues.

Sentiment was down since early trade as Malaysian palm oil futures was down by mid-session, but the fall accelerated as the day progressed tracking weakness in U.S soy oil futures, said a trader from Kolkata.

Outlook for palm oil turned down after South Peninsula Palm Oil Millers Association (SPPOMA) reported production have risen 18 percent during February 1-10 against same period last month.

Palm oil (CPO+RBD) stock in various ports of the country have risen by 30 percent as on February 06 against last week, which also dampened market sentiment.

According to a trader from Kuala Lumpur, traders were largely concerned about demand at higher level with raise in export tax by Malaysia and Indonesia.

Indonesia raised export tax on crude palm oil for February month to $18 per metric tonne from $3 last month, whereas Malaysian hike it from 7 percent to 7.5 percent.

In domestic market, market participants are staying from big commitments tracking weakness in global futures market coupled with sluggish demand in spot markets.

Demand from retailers remained hand to mouth for quite some time due to need-based buying by traders and stockists.

At local bourses, crude palm oil most active February contract on Multi Commodity Exchange (MCX) was lower 0.9 percent at Rs 572.8/10kg against Rs 578 on previous close, while forward March contract was down 0.88 percent at Rs 563.

Rates In Rs/10kg At Major Market On Feb 13

Palmolein 13-Feb-17 11-Feb-17 Change
Mumbai 626 626 -
Kakinada 622 625 -3
Chennai 630 630 -
Manglore 625 630 -5
Kandla 630 635 -5
Kolkata 630 633 -3
Ahmedabad 622 630 -8
Nellore 618 620 -2

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

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Govt May Give Higher Incentive For Soymeal Exports
Govt Mulls Hiking Import Duty On Edible Oils Up To 300%...
Argentina Soy Oil (FOB) Price Declines On Weak CBOT Soy...
DJ USDA Minnesota/North Dakota Daily Oilseed Prices - F...
DJ CBOT Grains/Oilseeds Settlements - Feb 16
Top 5 News
Govt Mulls Rs 15K Crore Scheme To Ensure MSP For Farmer...
DJ This Week: Preview -- Barron's
Govt May Give Higher Incentive For Soymeal Exports
Pulses Body Asks Govt To Restrict Import Of Key Pulses ...
Imported Pulses Close Flat In Limited Business Activity...
Top 5 Special Reports
Weekly: Major Pulses Trade Mix; Demand Expect In Dal
Weekly: Guarseed/Guargum Down For Second Straight Week;...
Technical : Soy Bean Doc Indore Spot : Accumulate On Co...
Technical: Soybean Indore Spot : Trend Line Resistance ...
Weekly: Weak Trend In Spices Complex For Second Consecu...
Copyright © CC Commodity Info Services LLP. All rights reserved.