Steady trend in jute; edible oils firm, sugar stable

Our Commodities Bureau

Kolkata, Dec 2: A steady trend in prices continued at the local jute goods market because of the strong demand position. The trading activities, however, were not satisfactory, as the prevailing higher prices restrained many buyers from entering into fresh commitments.

The short coverings were taking place for ready delivery positions with Government purchases of B Twills continuing. Meanwhile, the uncertainty over the Government procurement of jute bags had an impact on the market. Initially, a report was doing the rounds that the Government would purchase 9,35 lakh bales of B Twills.

But the Centre’s decision to pass on the procurement operations of foodgrains to the respective state governments may reduce the jute bag purchases to about 7 lakh bales. Market operators, however, are at present awaiting trade enquiries from the state governments.

The sentiment was further affected following a confusing report on the differences among the IJMA members over the proposed workers’ strike.

But the strike threat had a reverse impact om the raw jute market where prices of all grades increased substantially with TD-5 variety went up to Rs 1,175 per quintal from Rs 1,100.

But the prices of B Twills were stable at Rs 25,500 a tonne, while the A Twills remained firm at Rs 2,975 per 100 bags and those of hessian rose by Rs 500 per tonne to Rs 34,500 a tonne.

Edible oils
The edible oil markets witnessed a slightly recovery last week on a tight supply position. With current season approaching to close, the stock of mustard oil declined. As a result, the prices remained stable at Rs 3,600. The sentiments for other oils remained strong on improved demand position.

The refined soy prices posted a gain of Rs 50 a quintal to Rs 3,400. The refined rice bran oils rose to Rs 3,250 from Rs 3,200 a quintal while the prices of coconut oil posted gain by Rs 50 and were quoted at Rs 3,650 a quintal.

Imported RBD palmolein oils showed similar trend and was quoted at Rs 3,200 as against Rs 3,150 in the previous week.

The prices of tin pack oils displayed divergent trends with refined groundnut oil quoted at Rs 710-780 per 15 kg as against Rs 700-790 while crude groundnut oil roe by Rs 10 to Rs 670.

Sugar
Barring best variety bolder sugar which remained stable at Rs 1,690 per quintal, all other varieties declined by Rs 10-15 per quintal from the previous levels. The good and medium quality medium-30 grade sugar was quoted lower at Rs 1,570-1,620 a quintal compared to Rs 1,580-1,630 in the previous week, while those of fine grain and dust grade small-30 sugar declined at Rs 1,540-1,560 a quintal from previous week’s levels of Rs 1,555-1,560.