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Refined Soy Oil Down In Spot On Rising Supply

13 Feb 2017 4:32 pm
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MUMBAI (Commoditiescontrol) – A weak tone was seen in refined soy oil in most of the market of the country on Monday amid rising supply.

Sentiment was down since early trade tracking weak U.S soy oil, which dropped today dropped 0.83 percent.

In addition to it, Malaysian palm oil futures also declined more than 1 percent on sign of rising production and concerned about demand at present level.

A trader from Kota said, demand for soy oil has remained sluggish as traders believe supply of edible oil is sufficient to meet near term requirements.

Currently, soy oil stock at various ports of the country rose week on week by 50 percent as on February 06.

Apart from rising stock at ports, big players in industry have reported to booked huge quantity of soy oil on anticipation of demand to improve due to low price gap in the complex.

Argentina soy oil (FoB) is quoted $785 per tonnes, while Malaysian palm oil was last priced at $770 per tonne and Ukrainian sunflower oil at $770.

According to trader, market participants are buying refined soy oil as per demand on expectations supply of edible oil to rise in coming weeks in global markets.

Palm oil supply to rise in coming weeks as Malaysian production likely to improve, whereas mustard oil supply is also likely to rise in local market as new crop harvest already started and new crop is said to be much better than last year.

Further volatility in futures market have also kept buyers away from large commitments.

At local bourses, refined soy oil most active March contract was down 1 percent at Rs 686/10kg, while forward April contract was lower by 1 percent at Rs 675.

Following are soy oil prices (Rs/10kg) in various markets of India at 1:30 pm(IST).

Soy oil 13-Feb-17 11-Feb-17 Change
Mumbai 700 700 -
Indore 707 710 -3
*Akola 739 742 -3
*Alwar 715 720 -5
*Amravati 740 743 -3
*Bharatpur 715 720 -5
*Kota 710 715 -5
*Bundi 710 715 -5
Kolkata 717 720 -3
*Jalna 740 740 -
Kandla 695 700 -5
*Dhulia 737 738 -1
*Latur 731 732 -1
*Nagpur 744 747 -3
*Nanded 731 732 -1
*Solapur 731 732 -1

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


       
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