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RBD Palmolein Steady In Spot On Mixed Cues

15 Feb 2017 5:02 pm
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MUMBAI (Commoditiescontrol) - RBD palmolein traded steady in most of the spot markets of the country on Wednesday due to mixed cues.

A trader from Kolkata said, palm oil is outlook at present is uncertain and market players are looking for clear direction as demand is sluggish in spot market, which is pressuring prices. While, weak rupee and stability in global cues is supporting prices.

Malaysian palm oil futures closed 0.65 percent higher today on expectation of stock to remain on the lower side due to slow production and steady exports.

The exports data released by cargo surveyor for the February 1-15 was contradictory, as SGS pegged exports down 3 percent versus same period last month, whereas Intertek estimated it over 1 percent.

Other hand
palm SPPOMA has projected estimated palm oil production down by 18 percent of the period of February 1-10.

In domestic market, buying interest in palm oil continued to remain as per requirement as low price gap in oil complex making importers to buy as per demand.

In addition to it, market participants have the feeling supply of edible oil likely to rise in coming weeks and availability of current stock is sufficient to meet demand.

Palm oil (CPO+RBD) stock in various ports of the country have risen by 30 percent as on February 06 against last week, seen negative for prices.

In other news, The Solvent Extractors Association Of India (SEA) in its monthly report said, Palm oil import dropped 15.8 percent during January at 608,762 tonnes against 723,158 tonnes a month ago.

Whereas, total edible oil import dropped 14.15 percent in January.

Low import of edible oil in previous month may support market sentiment in near-term, but temporary, the trader concluded.

In futures market, crude palm oil most active February contract on Multi Commodity Exchange (MCX) was higher 0.67 percent at Rs 569/10kg against Rs 565.2 on previous close, while forward March contract was up 0.57 percent at Rs 560.3

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

Palmolein 15-Feb-17 14-Feb-17 Change
Mumbai 616 620 -4
Kakinada 620 620 -
Chennai 625 625 -
Manglore 625 625 -
Rajkot 615 - -
Kandla 620 620 -
Kolkata 623 626 -3
Ahmedabad 618 618 -
Nellore 615 615 -

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


       
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