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India RBD Palmolein Steady/Weak On Sluggish Demand

16 Feb 2017 3:31 pm
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MUMBAI (Commoditiescontrol) - RBD palmolein traded steady to down in most of the spot markets of the country on Thursday due to improving supply in the domestic market.

A trader from Kolkata said, sentiment was weak since early trade as benchmark Malaysian was down on renewed concern about demand at higher level coupled with reports of rising production.

Malaysian palm oil exports were almost flat during February 1-15 while South Peninsula Palm Oil Millers Association (SPPOMA) have estimated production up 14 percent during same period.

In domestic market, palm oil prices are under pressure on 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 1.2 percent at Rs 564.2/10kg against Rs 571.1 on previouis close, while forward March contract was down 1.17 percent at Rs 554.9

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

Palmolein 16-Feb-17 15-Feb-17 Change
Mumbai 615 616 -1
Kakinada 615 618 -3
Chennai 620 625 -5
Manglore 625 625 -
Rajkot 615 615 -
Kandla 620 620 -
Kolkata 625 623 2
Ahmedabad 618 618 -
Nellore 612 615 -3

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


       
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