MUMBAI (Commoditiescontrol) - RBD palmolein traded down in most of the spot markets of the country on Tuesday due to improving supply in the domestic market.
A trader from Kolkata said "Malaysian market was weak during first half, however it recovered later, but early weakness has weighed on market sentiments and sent negative signal to the spot markets."
Malaysian palm oil future closed 0.46 percent higher tracking recovery in U.S futures market.
Palm oil prices are under pressure on low demand tracking volatility in futures market coupled with outlook of rising supply of edible oil in local spot market.
Palm oil (CPO+RBD) stocks at various ports of the country rose by 30 percent as on February 06 against last week.
In addition to it, stock of other edible oil at the ports have also increased gradually easing concern about edible oil supply.
According to traders market participants are not ready to make big commitments as avialability of edible oil seen has improved.
At local bourse, crude palm oil most active February contract on Multi Commodity Exchange (MCX) was lower 0.56 percent at Rs 567.8/10kg against Rs 571 on previouis close, while forward March contract was down 0.39 percent at Rs 558.9.
Following are refined, bleached and deodorized (RBD) palmolein prices (Rs/10kg) in various markets of India at 1330 PM (IST).
| Palmolein |
14-Feb-17 |
13-Feb-17 |
Change |
| Mumbai |
620 |
626 |
-6 |
| Kakinada |
620 |
622 |
-2 |
| Chennai |
625 |
630 |
-5 |
| Manglore |
625 |
625 |
- |
| Kandla |
620 |
630 |
-10 |
| Kolkata |
626 |
630 |
-4 |
| Ahmedabad |
618 |
622 |
-4 |
| Nellore |
615 |
618 |
-3 |
(By Commoditiescontrol Bureau; +91-22-40015516)
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