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India Edible Oil:MCX CPO falls on weak sentiment; NCDEX soybean rises

Informist, Thursday, Nov 25, 2021

 

By S. Anirudh Iyer

 

NEW DELHI – Soybean futures rose on the National Commodity and Derivatives Exchange today, while those of crude palm oil fell on the Multi Commodity Exchange of India. 

 

* CRUDE PALM OIL contracts fell as data by private cargo surveyor Amspec Agri showed that CPO exports from the country increased to 483,894 tn during Nov 1-25, from 305,330 tn during the same time last month. 

 

* India is a major importer of CPO and a rise in exports from Malaysia, the world’s second-largest producer, indicates a rise in supply in domestic markets going ahead, which weighs on sentiment. 

 

* SOYBEAN contracts ended higher on NCDEX as demand from poultry-feed manufacturers for soymeal continued to support prices of the oilseed. Soybean is crushed to produce soymeal. 

 

* REFINED SOYOIL contracts were marginally higher on the NCDEX today. The rise was capped because of expectations of a rise in supply going ahead due to increase in crushing of soybean. 

 

* MUSTARD prices were unavailable on the NCDEX today as there was no trade. 

 

* At 1823 IST:

–December contract of soybean was up 3.8% at 6,835 rupees per 100 kg on NCDEX

–December contract of refined soyoil was up 0.1% at 1,246.9 rupees per 10 kg on NCDEX

–December contract of crude palm oil was down 0.4% at 1,130.5 rupees per 10 kg on MCX

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Aditya Sakorkar

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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Source: Cogencis

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