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RBD Palmolein Down In Spot On Weak Global Cues

13 Feb 2017 2:47 pm
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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)


       
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