Business Standard

July 12, 2010

Crude palm oil price rose by Rs four to Rs 368 in futures trade today, as speculators indulged in creating fresh positions on expectations of a rise in demand in the spot market.

Firming trend in overseas markets also influenced the crude palm oil prices in the futures market.

At the Multi Commodity Exchange, crude palm oil for August month contract rose by Rs four or 1.10 per cent to Rs 368 per 10 kg with trading volume of 158 lots, while September month contract gained by Rs 3.80 or 1.05 per cent to Rs 364.50 per 10 kg in business volume of 53 lots.

The oil for July delivery went up by 2.70 or 0.74 per cent to Rs 370 per 10 kg in 159 lots.

Analysts said fresh buying by speculators, on hopes of pick up in demand in the spot market due to marriage season, mainly led to rise in crude palm oil at futures market.

Bookmark to

July 06, 2010

iStockAnalyst

Mumbai,
Edible oil market witnessed a firm trend on Tuesday. In the spot market, prices improved following gains in the Malaysian markets. Malaysia’s BMD crude palm oil futures ended higher for the first time in the last seven days.

At the lower level, domestic demand also picked up and importers increased their offer rates for palmolein by Rs 3 for 10 kg in the evening. Market sentiment was positive, said a wholesaler.

After Monday’s bandh, on Tuesday at least 1,000 to 1,200 tonnes of palmolein were traded in the market in the price range of Rs 399 to Rs 403 for 10 kg. Liberty and Ruchi did good business.

Surprisingly, super quality palmolein also traded in the market at the price level of Rs 411 to Rs 413 for 10 kg. Overall, the sentiment was bullish. Monsoon progress in most of the oilseeds growing area/States – Gujarat, Madhya Pradesh, North and Maharashtra is good and it raises the hope for the new crop. Local stockists and retail buying increased and it will continue in coming days also, said Mr Miteshbhai of K.L. and Co.

On National Board of Trade, Indore soya oil futures witnessed a firm trend. NBOT July futures closed at Rs 437.80/10 kg and August was at Rs 443/ 10 kg.

In the spot market, groundnut oil ruled steady at Rs 775 (10 kg). Soya refined oil closed at Rs 423, sunflower expeller refined at Rs 430, sunflower refined at Rs 475, rapeseed refined oil at Rs 532 and rapeseed expeller at Rs 502. Cotton refined oil dropped Rs 2 to Rs 433.

Bookmark to

July 6, 2010

India Infoline Limited

NCDEX Refined Soy oil futures pared their recent losses to edge higher for the first time in seven sessions as the Crude Palm Oil futures registered some gains to rise from eight month lows. The domestic futures have been battered in the last few weeks on rising local edible oil inventories and a steady start to the kharif plantings. The global cues have also played their part in depressing the sentiments.

The CPO futures have been unable to record any gains in the face of steady inventories in Malaysia and a persistent tendency in the crude oil prices to face resistance around $80 levels. The local benchmark August Refined Soy oil futures ended at Rs 441.55 per 10 kg yesterday, after tumbling to a low of Rs 440.90 per 10 grams. The prices have been under check in the last few days as inflows of cheap edible oil from overseas along with high level of oil seeds stocks in domestic markets kept the fresh buying limited.

According to a latest update from the Solvent Extractors Association (SEA), stocks of oil seeds in spite of lower oilseed crop this year, are at a record high as of June 1, 2010 due to the reduced crushing this season. SEA estimates that about 125 lakh tonnes of oilseeds are still lying uncrushed (marketable surplus for crushing) apart from unprocessed rice bran as under.

NCDEX futures edged up to Rs 442.40, up Rs 0.85 or 0.19% on the day. Watch out for some more gains with prices eying levels of Rs 443.50-80.

Bookmark to

June 29, 2010

Press Trust of India

Palmolein and soyabean oil prices gained Rs 10 per quintal each in the wholesale oils and oilseeds market today on fresh buying by vanaspati millers and firming global trend.

Trading sentiment turned better after palm oil rose 1.1 per cent in Malaysia after crude oil and soybeans advanced, boosting the demand outlook for the tropical commodity.

Marketmen said fresh buying by vanaspati millers and reports of firming trend in Malaysia, world’s main hub of oil trading, pushed up the prices here.

In the edible section, palmolein (rbd), soyabean refined mill delivery and soyabean degum (Delhi) were up by Rs 10 each to Rs 4,190, Rs 4,460-4,360, while crude palm oil (ex-kandla) traded higher by the same margin at Rs 3,730 per quintal.

Bookmark to

June 24, 2010

Press Trust of India

Crude palm oil prices traded marginally higher 0.14 per cent, or Rs 0.50, to Rs 365.40 per 10 kg in futures trade today on fresh buying activity in the spot market.

At the Multi Commodity Exchange platform, crude palm oil for June-month contract gained Rs 0.50, or 0.14 per cent, to Rs 365.40 per 10 kg, with an open interest of 939 lots.

Similarly, the oil for July contract traded higher by the same margin at Rs 362.70 per 10 kg, with a trading volume of 1,570 lots.

Market experts said fresh buying by traders, followed by marginal rise in demand in the spot market helped crude palm oil prices to trade higher at futures market.

Bookmark to

Press Trust of India

June 22, 2010

Crude palm oil prices traded lower by Rs 1.30, or 0.36 per cent, to Rs 361.70 per 10 kg in futures trade today on profit taking by speculators and less demand in the spot market.

At the Multi Commodity Exchange, crude palm oil for June contract declined by Rs 1.30, or 0.36 per cent, to Rs 361.70 per 10 kg, with an open interest of 1,092 lots.

Similarly, the oil for delivery in July weakened by Rs 0.30, or 0.08 per cent, to Rs 359.80 per 10 kg, with a business volume of 1,665 lots.

Market analysts said profit taking by speculators, driven by subdued demand in spot market led to a fall in crude palm oil

Bookmark to

Press Trust of India

June 22, 2010

In a mixed pattern of trading, select edible oil prices declined up to Rs 30 per quintal on the wholesale oils and oilseeds market today owing to slack demand amid weakening global trend.

However, few other edible oils found selective buying and traded higher.

Traders said subdued demand at existing higher levels amid a weakening global trend mainly led to a fall in select wholesale edible oil prices.

Meanwhile, palm oil futures for September delivery dropped 0.6 per cent to $746 a metric tonne on the Malaysia Derivatives Exchange.

In the edible section, soyabean refined mill delivery (Indore) and crude palm oil (ex-kandla) were down by Rs 10 and Rs 30 to Rs 4,430 and Rs 3,700, while palmolein (rbd) lost Rs 20 to Rs 4,170 per quintal on lower global trend.

On the otherhand, groundnut mill delivery oil (Gujarat) rose by Rs 50 to Rs 7,350 per quintal and groundnut solvent refined gained Rs 20 to Rs 1,220-1,230 per tin.

Mustard expeller (Dadri) oil also found local buying and traded higher by Rs 20 to Rs 4,750 per quintal and cottonseed mill delivery oil (Haryana) rose by Rs 60 to Rs 4080 per quintal.

Bookmark to

Jun. 19, 2010
The Hindu Business Line
Gnanasekaar .T

Malaysian palm oil futures ended higher on Friday on increased optimism about the pace of global recovery. There was good support from external markets. Energy prices crossed $75 helped by optimism in global recovery after US stocks ended higher weathering volatility, posting back-to-back weekly gains. However, the sustainability of this enthusiasm is in doubt as a private body raised its forecast of 2010 US soya plantings to 78.8 million acres, up from 78.5 million in May and above USDA’s March 31 forecast of 78.1 million. Furthermore, a central bank adviser in China said growth is expected to slow in the second half of 2010 and double-digit growth for the full year is unlikely.

CPO futures fell lower as expected and then bounced. Though the big picture structures prompt more down side towards 2,255 thereabouts, presently some short-term strength is seen. Immediate support is at 2,385-90 Malaysian ringgit (MYR) a tonne for the September contract, while trend line resistance is at 2,425-30 MYR/tonne followed by 2455 MYR/tonne on the upside. A corrective up move looks likely to the above mentioned resistances, before the downtrend resumes. Only an unexpected rise above 2455 MYR/tonne could postpone the bearishness. Such a rise could even test 2470-75 MYR/tonne on the upside. A daily close below 2370 MYR/tonne level will hint at the resumption of the downtrend.

We believe the impulse that began from 1,427 MYR/tonne, which hit 4,486 MYR/tonne ended and a prolonged corrective move has possibly ended at 1,335 MYR/tonne. The fresh impulse move, which we have been anticipating towards 3,000 MYR/tonne is losing ground. This view gains momentum only on a close above 2,870 MYR/tonne. Fall below 2,345 MYR/tonne could cause doubts on this overall bullish view. RSI is in the neutral zone now, indicating that it is neither overbought nor oversold. The averages in MACD are still below the zero line of the indicator indicating bearish to be intact. Only a cross-over above the zero line again could indicate bullishness again. Therefore, look for palm oil futures to test the resistance levels and then fall again.

Supports are at MYR 2,385, 2,345 and 2,310. Resistances are at MYR 2,425, 2,455 and 2,471.

Bookmark to