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Refined Soy Oil Down In Spot, Futures On OverSupply Outlook

16 Feb 2017 4:15 pm
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MUMBAI (Commoditiescontrol) – Refined soy oil traded down in most of the spot markets of the country on Thursday amid weak global sentiment.

U.S soy oil futures was down 0.41 percent during Asian hours after weakness of 0.58 percent on previous session.

While Malaysian palm oil futures closed down 1.41 percent on rising concern about demand at higher level coupled with market talks of rising production.

A trader from Indore said, sentiment was down since previous session after Agriculture Ministry in its second advance estimate for 2016-17 oilseed production pegged soybean output at 141 lakh tonnes, against market expectation of 114-115 lakh tonnes.

The hike in production estimate in oilseed has raised hopes for big supply of edible oil in coming months.

In addition to it, futures market collapased again in todays trade after govt announcement and weak global cues.

So far, refined soy oil in futures market has dropped 3 percent in this week, whereas prices at benchmark in Indore spot market was down 2.7 percent.

On demand side, market participants are taking no interest in buying for the commodity on weak sentiment, whereas big players in the industry also opted to stay away from market.

Currently soy oil stock at various ports of the country have risen nearly 50 percent on weekly basis as on February 06, which is also dampening market sentiment.

In futures market, refined soy oil most active March contract on NCDEX was lower 1.23 percent at Rs 671.75 per 10kg., while forward April contract was down 1.1 percent at Rs 665

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

Soy oil 16-Feb-17 15-Feb-17 Change
Mumbai 682 687 -5
Indore 693 695 -2
*Akola 728 730 -2
*Alwar 708 708 -
*Amravati 729 731 -2
*Bharatpur 708 708 -
*Kota 703 703 -
*Bundi 703 703 -
Kolkata 710 710 -
*Jalna 730 730 -
Kandla 690 690 -
*Dhulia 729 731 -2
*Latur 719 723 -4
*Nagpur 733 735 -2
*Nanded 719 723 -4
Rajkot 680 680 -
*Solapur 719 723 -4

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


       
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