Mumbai (commodities control) - Domestic RBD Palmolein was mostly lower during the week ended Saturday 27th May, largely pressured by weak Malaysian Palm Oil futures coupled with volatile rupee.
Malaysian Palm oil futures were down 4.05 percent this week as Malaysian Ringgit closed at MYR 4.2630, edging up to 6.5 month high, having gained 5% since the start of the year. A stronger Ringgit makes Palm oil, which is priced in Ringgit expensive to international buyers making it less competitive on the futures and physical market, particularly for exports.
Palm oil futures on the Malaysian exchange is trading in Backwardation where in the near month contract is trading higher to far months’ contract on the prospects of higher output from Indonesia and Malaysia.
The South Palm Oil Millers Association (Malaysia) have estimated May 1-25 production up 5.67 percent which is also weighing on Malaysian Palm Oil Futures.
Further export demand for palm oil has improved sharply to 16.2 percent during May 1-25. However, funds feel exports are lower than May 1-20, so funds are bearish on Malaysian palm oil futures.
RBD Palmolein prices at Kandla port declined by Rs 10 to trade at Rs 565/10kg during the week, and also prices have edged lower by USD 22 to trade at 735 per tonne.
Stocks of RBD Palmolein at the various port across the country have totally risen by 55% in the week ending May 22nd at 106,319 MT from the previous week of May 15th at 68635 MT.
The major rise has been reported at Kandla port for RBD at 31,148 MT as on 22nd May compared to 16,850 MT on 15th May, along with JNPT Mumbai at 54,293 MT on 22nd May from 39,681 MT on 15th May and at Mundra port at 8213 MT on 22nd may from 3399 MT as on 15th May.
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Kandla
|
|
Mundra
|
| |
22.05.2017
|
15.05.2017
|
|
22.05.2017
|
15.05.2017
|
|
Soy
|
59074
|
78975
|
|
28809
|
44869
|
|
RBD
|
31148
|
16850
|
|
8213
|
3399
|
|
CPO
|
59295
|
37793
|
|
16066
|
11717
|
|
Sunflower
|
11300
|
13005
|
|
13421
|
17380
|
|
Canola
|
8768
|
9489
|
|
|
|
|
Safflower
|
11467
|
11467
|
|
|
|
|
CPKO
|
|
|
|
1491
|
158
|
|
Total
|
181052
|
167579
|
|
68000
|
77523
|
|
JNPT + MUMBAI
|
|
Kakinada
|
| |
22.05.2017
|
15.05.2017
|
|
22.05.2017
|
15.05.2017
|
|
Soy
|
40058
|
39878
|
|
|
|
|
RBD
|
54293
|
39681
|
|
3600
|
4260
|
|
CPO
|
3792
|
10113
|
|
10580
|
14710
|
|
Sunflower
|
32733
|
41580
|
|
40730
|
42380
|
|
Canola
|
|
|
|
|
|
|
Safflower
|
|
|
|
|
|
|
Coconut
|
|
|
|
|
|
|
CPKO
|
|
|
|
900
|
1650
|
|
Total
|
130876
|
131252
|
|
55810
|
63000
|
| |
MANGALORE
|
|
KARWAR
|
| |
22.05.2017
|
15.05.2017
|
|
22.05.2017
|
15.05.2017
|
|
Soy
|
|
|
|
|
|
|
RBD
|
4324
|
4324
|
|
90
|
120
|
|
CPO
|
2392
|
2392
|
|
|
|
|
Sunflower
|
6032
|
6032
|
|
|
|
|
Canola
|
|
|
|
|
|
|
Safflower
|
|
|
|
|
|
|
Coconut
|
|
|
|
|
|
|
CPKO
|
|
|
|
|
|
|
Total
|
12748
|
12748
|
|
90
|
120
|
| |
NELLORE
|
|
TOTAL
|
| |
22.05.2017
|
15.05.2017
|
|
22.05.2017
|
15.05.2017
|
|
Soy
|
|
|
|
127941
|
163723
|
|
RBD
|
4650
|
|
|
106319
|
68635
|
|
CPO
|
46300
|
76920
|
|
138426
|
153648
|
|
Sunflower
|
2720
|
25220
|
|
106939
|
145599
|
|
Canola
|
|
|
|
8768
|
9489
|
|
Safflower
|
|
|
|
11467
|
11467
|
|
Coconut
|
|
|
|
|
|
|
CPKO
|
2520
|
|
|
4911
|
1808
|
|
Total
|
56190
|
102140
|
|
504771
|
554369
|
|
Note: All Figures In Metric Tonne
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On the local bourses, the most-active May RBD Palmolein contract declined 1.7 percent or Rs 6/10kg to close at Rs 556/10kg on the National Commodity & Derivatives Exchange Ltd. The contract during the week traded in the range of 556-558.40
NEXT WEEK: RBD Palmolein prices trade in a bear trend with higher stocks at the ports, movement in the benchmark currency both in Indian Rupee and Malaysian Ringgit.
(By Commodities control Bureau; +91-22-40015516)
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