1. Select edible oils extend losses this week on sluggish demand

Select edible oils extend losses this week on sluggish demand

Select edible oils extended losses for yet another week at the wholesale oil and oilseeds market following sluggish demand from retailers and vanaspati millers against ample stocks position on increased supplies from producing belts.

By: | Published: June 3, 2017 4:23 PM
Edible oils, market, supplies, stocks, retailers, Vanaspati millers, oil seeds, millers, oil, wholesale oil Select edible oils extended losses for yet another week at the wholesale oil and oilseeds market following sluggish demand from retailers and vanaspati millers against ample stocks position on increased supplies from producing belts.(Representational Image: Reuters)

Select edible oils extended losses for yet another week at the wholesale oil and oilseeds market following sluggish demand from retailers and vanaspati millers against ample stocks position on increased supplies from producing belts.  Castor and linseed oils, in the non-edible section, also eased on reduced offtake by consuming industries.  Traders said besides fall in demand from retailers and vanaspati millers, adequate stocks position on increased arrivals from producing regions mainly kept pressure on select edible oil prices.  In the national capital, groundnut mill delivery (Gujarat) oil remained under selling pressure and fell by Rs 300 to Rs 9,700 per quintal, while groundnut solvent refined shed Rs 25 to 1,800-1,900 per tin. Mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils declined by Rs 50 each to Rs 7,900 and Rs 6,500 per quintal, respectively.

Palmolein (RBD) and palmolein (Kandla) oils also fell by Rs 50 each to Rs 5,550 and Rs 5,600 per quintal, respectively.  Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) too declined by Rs 50 each to Rs 6,400 and Rs 6,000 per quintal, respectively.  In the non-edible section, linseed oil dropped by Rs 200 to Rs 9,100 per quintal on poor demand from paint industries.  Castor oil slipped to Rs 9,100-9,200 from previous week’s level of Rs 9,350-9,450 per quintal on reduced industrial offtake. Rice basmati prices firmed up at the wholesale grains market during the week on increased buying by stockists following uptick in demand against tight supplies.  Wheat also found fag-end buying support from flour mills and finished marginally higher.  However, a few other bold grains slipped due to reduced offtake by consuming industries.
Traders attributed the rise in rice basmati prices to increased buying by stockists on the back of pick up in demand against restricted supplies from producing regions.

You may also like to watch:

In the national capital, rice basmati common and Pusa- 1121 variety edged higher to Rs 7,400-7,500 and Rs 6,100-6,400 from previous levels of Rs 7,100-7,200 and Rs 5,800-6,400 per quintal, respectively. Wheat dara (for mills) also ended higher by Rs 10 and Rs 1,740-1,745 per quintal. Atta chakki delivery followed suit and enquired higher by a similar margin to Rs 1,745-1,750 per 90 kg. Sooji too inched up by Rs 10 to Rs 1,040-1,050 per 50 kg.  On the other hand, other bold grains like, bajra and maize declined by Rs 10 each to Rs 1,350-1,360 and Rs 1,415- 1,425 per quintal, respectively.  Trading pattern remained unaltered at the wholesale pulses market for the second straight week as most of pulses prices led by moong and gram plunged by up to Rs 500 per quintal due to considerable fall in demand from retailers against ample stocks position on increased supplies.
Marketmen said besides drop in demand from retailers at prevailing levels, sufficient stocks position in the market on increased supplies from producing regions mainly kept pressure on moong, gram other pulses prices.

In the national capital, moong dropped to Rs 4,000-4,600 from previous level of Rs 4,500-4,900 per quintal. Its dal chilka local, dhoya local and best quality were down by Rs 400 each to Rs 4,700-4,900, Rs 5,300-5,800 and Rs 5,800-6,000 per quintal, respectively.  Gram also slipped to Rs 5,300-6,200 from previous level of Rs 5,575-6,550 per quintal. Its dal local and best quality plunged by Rs 500 each to Rs 6,000-6,400 and Rs 6,400-6,500 per quintal. Kabuli gram small variety declined by Rs 200 to Rs 9,300 -10,100 per quintal.  Besan Shaktibhog and Rajdhani quoted lower at Rs 2,580 each instead of Rs 2,650 each per 35 kg.  Masoor small and bold edged lower to Rs 3,800-4,000 and Rs 3,850-4,100 from previous close of Rs 3,900-4,300 and Rs 3,950-4,400 per quintal.

Its dal local and best quality traded lower by Rs 300 each to Rs 4,200-4,700 and Rs 4,300-4,800 per quintal.  Malka local and best quality lost Rs 200 each at Rs 4,400 -4,600 and Rs 4,500-4,700 per quintal.  In line with overall trend, arhar and its dal dara variety drifted lower by Rs 100 each to Rs 3,800 and Rs 5,800 -7,600 per quintal.  Moth and lobia moved down by Rs 100 and Rs 200 to Rs 3,100-3,500 and Rs 5,400-5,600 per quintal.
Urad and its dal chilka eased to Rs 5,150-6,200 from last close of Rs 5,300-6,400 per quintal. Its dal chilka local, best quality and dhoya were down by Rs 200 each to Rs 5,300- 5,400, Rs 5,400-5,900 and Rs 5,800-6,000 per quintal respectively.  Sugar prices rebounded to close higher at the wholesale sugar market in the national capital during the week under review on emergence of buying by retailers, stockists and bulk consumers, triggered by beginning of new month amid thin supplies and recorded gains up to Rs 30 per quintal.

Marketmen said revival of buying by retailers, stockists and bulk consumers such as soft-drink and ice-cream makers and a firm trend at the futures market, influenced sweetener prices.  Besides, tight supplies from mills too supported the upside, they added.  Coming to price section, sugar ready M-30 and S-30 improved by Rs 30 each to conclude the week at Rs 3,960-4010 and Rs 3,950-4,000 per quintal, respectively.  Similarly, mill delivery M-30 and S-30 prices rose by Rs 20 each to finish the week at Rs 3,640-3,710 and Rs 3,630- 3,700 per quintal, respectively.  In the mill gate section, sugar Dorala advanced by Rs 30 to Rs 3,690, followed Khatuli by Rs 25 to Rs 3,710 and Dhampur and Sakoti gained by Rs 20 each to Rs 3,660 and Rs 3,670 per quintal.  Prices of Mawana were higher by Rs 15 to Rs 3,690, while Budhana, Dhanora, Anupshaher and Baghpat moved up by Rs 10 each to Rs 3,670, Rs 3,700, Rs 3,650 and Rs 3,660 per quintal. Prices of Kinnoni, Thanabhavan and Morna also edged up by Rs 5 each to end the week at Rs 3,710, Rs 3,660 and Rs 3,650 per quintal respectively.

Prices of select dry fruits rose at the wholesale market in the national capital during the week mainly on the back of increased buying by stockists and retailers, triggered by ongoing Ramzan.  Besides, export demand too supported the upside in dry fruit prices. Sentiment remained firm mostly on increased offtake by stockists and retailers, marketmen said.  Almond California prices were up by Rs 500 to end the week at Rs 16,900-17,300 per 40 kg, while its kernel traded higher by Rs 10 at Rs 600-610 per kg largely on higher outside trends and strong consumers demand.  Almond gurbandi and girdhi also increased by Rs 100 each to conclude at Rs 12,100-12,200 and Rs 5,100-5,300 per 40 kg.  Chilgoza-roasted prices improved by Rs 100 to close at Rs 2,600-2,800 per kg on ongoing ‘Ramzan’ demand.  Cashew kernel No 180, No 210, No 240 and No 320 and its broken (2, 4 and 8 pieces) rose up to Rs 10 to Rs 1,080-1,090, Rs 950-960, Rs 900-910, Rs 800-810, Rs 675-775, 655-765 and Rs 555-665 per kg, respectively.

Copra and dry dates prices prices increased by Rs 100 each to conclude at Rs 8,900-11,100 and Rs 2,800-12,100 per quintal, respectively. Coconut powder traded higher at Rs 4,100-4,500 against previous closing of Rs 4,000-4,400 per quintal.  Kishmish Indian yellow and green went up Rs 100 each at Rs 4,100-4,900 and Rs 5,100-7,600 per 40 kg.  Pistachio hairati and peshwari prices rose Rs 5 each to settle at Rs 1,430-1,455 and Rs 1,530-1,555 per kg, respectively.  Walnut and its kernel prices also rose by Rs 10 each to end at Rs 280-390 and Rs 810-1,310 per kg, respectively. Select spices turned weak at the wholesale market in the national capital during the week on stockists selling against slackened demand at prevailing higher levels.  The sentiment turned weak on adequate stocks position following increased arrivals from producing belts.  Black pepper prices declined Rs 10 to conclude at Rs 530-710 per kg.  Cardamom brown jhundiwali and kanchicut fell Rs 10 each to finish at Rs 700-720 and Rs 760-1,080 per kg, respectively.  Cardamom small varieties such as chitridar, colour robin, bold and extra bold drifted lower up to Rs 50 to Rs 1,000- 1,125, Rs 850-870, Rs 890-900 and Rs 990-1,000 per kg, respectively.

Coriander slipped to Rs 5,800-11,800 from last week’s close of Rs 5,900-11,800 per quintal.  Dry ginger and kalaunji prices fell Rs 200 each to finish at Rs 10,600-15,800 and Rs 8,000-8,300 per quintal.  Nutmeg prices were lower at Rs 450-470 against last week’s close of Rs 475-480 per kg.
Red chilli and turmeric prices eased up to Rs 200 to conclude at Rs 4,100-12,300 and Rs 6,500-9,800 per quintal, respectively.  Jeera common and jeera best quality also fell by Rs 100 each to end at Rs 18,700-18,800 and Rs 21,100-21,600 per quintal, respectively.  On the other hand, poppyseed (Turkey, UP and MP-RAJ) prices increased up to Rs 40 to close at Rs 400-430, Rs 370-390 and Rs 400-430 per kg, respectively on strong demand against fall in supplies.

Riding on positive global cues and pick up in buying by local jewellers, gold maintained its upward journey for the third straight week to close at Rs 29,550 per 10 grams at the bullion market during the week.  Silver also ended higher on increased offtake by industrial units and coin makers.
Bullion traders said a firm trend overseas after a lacklustre US jobs report, showing unemployment in May fell to 4.3 per cent, a 16-year low, raised expectations that the Federal Reserve could take a more gradual approach to increasing interest rates, influenced trading sentiments.
Moreover, increased buying by local jewellers at domestic spot markets supported the upside.  Globally, gold ended the week higher at USD 1,278.50 an ounce and and silver at USD 17.53 an ounce in New York.  In the national capital, gold of 99.9 and 99.5 per cent purity commenced the week higher at Rs 29,350 and Rs 29,200 per 10 grams respectively on fresh buying support but soon met with resistance at higher levels and slipped to Rs 29,100 and Rs 28,950 per ten grams.

Thereafter, at the fag-end, it staged a strong comeback in sync with firm global cues and finished higher at Rs 29,550 and Rs 29,400 per 10 grams respectively, showing a hefty rise of Rs 300 each.  Sovereign, however, continued to move in a narrow range in scattered deals throughout the week and settled at previous level of Rs 24,400 per piece of eight gram.  In volatile movements, silver ready ended the week higher by Rs 200 to Rs 40,470 per kg and weekly-based delivery climbed by Rs 1,185 to Rs 41,275 per kg.  Silver coins too spurted by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

  1. No Comments.

Go to Top