Edible oil recovers on fresh buying, strong global cues
http://www.hindu.com/thehindu/holnus/0152008070513 [2008-7-7]
Tag : Linseed Oil
Wholesale edible oil prices recovered by Rs 50 toRs 100 per quintal during the week ending today in the nationalcapital on revival of buying by stockists and retailers amidst firmglobal cues. Marketmen said buying activity picked up as traders enlarged theirpositions to meet coming marriage season demand. Major commodity markets, including edible oil, remained closed onThursday following a countrywide bandh called by BJP and VHP on theAmarnath land transfer issue.
Market sentiments turned bullish after palm oil futures inMalaysia, the global benchmark, traded at two-week high as crudeoil surged to almost 147 US dollar a barrel.
Palm oil for July delivery soared to 3,647 ringgit (1,107 USdollar) a tonne, the highest since June 18, on the MalaysianDerivatives Exchange.
Traders said edible oil prices are directly impacted byinternational markets as the country imports nearly half of itsannual demand. They said supply concerns continue to affect the prices of edibleoils even as the government plans to sell imported oil atsubsidised rates to lower income households. In the edible section, soyabean mill delivery and soyabean degum(Delhi) rose by Rs 50 each to Rs 7,250 and Rs 7,050 a quintalrespectively.
Groundnut oil was up by Rs 50 to Rs 7,250 a quintal, while mustardexpeller oil shot up by Rs 80 to Rs 6,980 a quintal on increasedbuying by local traders.
Cottonseed mill delivery and rice bran oil jumped up by Rs 150 andRs 100 to Rs 6,500 and Rs 5,600 per quintal respectively.
Meanwhile, state-run trading firm PEC Ltd floated a tender toimport 24,000 metric tons of crude degummed soyoil as part of thegovernment's plan to import 1 million tons of edible oil to improveavailability in the local markets.
In the non-edible section, linseed oil surged by Rs 120 to Rs 5,000a quintal on fresh enquiries from paint industries. Castor oil traded higher at Rs 6,500-6,600 from previous level ofRs 6,200-6,600 a quintal on pick up in demand from consumingindustries. Neem, mahuwa and rice bran oils after moving in a tight range,closed flat at Rs 4,100-4,200, Rs 4,400 and Rs 3,900-4,050 perquintal respectively.
Wholesale edible oil prices recovered by Rs 50 toRs 100 per quintal during the week ending today in the nationalcapital on revival of buying by stockists and retailers amidst firmglobal cues. Marketmen said buying activity picked up as traders enlarged theirpositions to meet coming marriage season demand. Major commodity markets, including edible oil, remained closed onThursday following a countrywide bandh called by BJP and VHP on theAmarnath land transfer issue.
Market sentiments turned bullish after palm oil futures inMalaysia, the global benchmark, traded at two-week high as crudeoil surged to almost 147 US dollar a barrel.
Palm oil for July delivery soared to 3,647 ringgit (1,107 USdollar) a tonne, the highest since June 18, on the MalaysianDerivatives Exchange.
Traders said edible oil prices are directly impacted byinternational markets as the country imports nearly half of itsannual demand. They said supply concerns continue to affect the prices of edibleoils even as the government plans to sell imported oil atsubsidised rates to lower income households. In the edible section, soyabean mill delivery and soyabean degum(Delhi) rose by Rs 50 each to Rs 7,250 and Rs 7,050 a quintalrespectively.
Groundnut oil was up by Rs 50 to Rs 7,250 a quintal, while mustardexpeller oil shot up by Rs 80 to Rs 6,980 a quintal on increasedbuying by local traders.
Cottonseed mill delivery and rice bran oil jumped up by Rs 150 andRs 100 to Rs 6,500 and Rs 5,600 per quintal respectively.
Meanwhile, state-run trading firm PEC Ltd floated a tender toimport 24,000 metric tons of crude degummed soyoil as part of thegovernment's plan to import 1 million tons of edible oil to improveavailability in the local markets.
In the non-edible section, linseed oil surged by Rs 120 to Rs 5,000a quintal on fresh enquiries from paint industries. Castor oil traded higher at Rs 6,500-6,600 from previous level ofRs 6,200-6,600 a quintal on pick up in demand from consumingindustries. Neem, mahuwa and rice bran oils after moving in a tight range,closed flat at Rs 4,100-4,200, Rs 4,400 and Rs 3,900-4,050 perquintal respectively.
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