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Spot Refined Soy Oil Eases On Weak Sentiment

14 Feb 2017 5:40 pm
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MUMBAI (Commoditiescontrol) – Domestic refined soy oil performed sluggish tone on Tuesday mainly tracking weakness in global market during the first half, however prices came off from lows to trade positive in the later trade.

Sentiment in the spot market has turned negative tracking weak U.S soy oil, which closed down 1.3 percent on Monday largely due to outlook of rising supply from South America. It extended losses today in the early Asian trade, which has prompted domestic buyers to stay sideline from any big commitments.

A trader from Indore said, outlook for refined soy oil is weak in near-term as supply of edible oil rising, whereas demand is as per requirements.

Currently soy oil stock at various ports of the country have risen nearly 50 percent on weekly basis as on February 06.

Further higher oilseed production has raised prospects of better oil production in the country has also hurt demand. India's 2016-17 soybean crop rose significantly at 114 lakh tonnes followed by great prospects for rabi mustard seed. Groundnut seed production has also surged to 53.75 lakh tonnes against 32.30 lakh tonnes a year ago.

The trader said, price gap between soy and other edible oil in the complex is low, due to which demand is equally divided.

In todays trade, soy oil quoted $826 per tonnes at Kandla port (CNF) while sunflower oil was traded at $820, while the rival palm oil was available at $782.5.

The trader concluded by saying, low price gap has given chance for buyers to choose from a range of edible oil.

In futures market, U.S soy oil was trading 0.26 percent higher after weak start, while most active March contract on NCDEX was lower 0.58 percent at Rs 680.85 per 10kg., while forward April contract was down by 0.47 percent at Rs 672.1

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

Soy oil 14-Feb-17 13-Feb-17 Change
Mumbai 697 700 -3
Indore 703 707 -4
*Akola 732 739 -7
*Alwar 713 715 -2
*Amravati 733 740 -7
*Bharatpur 713 715 -2
*Kota 708 710 -2
*Bundi 708 710 -2
Kolkata 715 717 -2
*Jalna 735 740 -5
Kandla 690 695 -5
*Dhulia 732 737 -4
*Latur 723 731 -8
*Nagpur 737 744 -7
*Nanded 723 731 -8
*Solapur 723 731 -8

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


       
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