Informist, Thursday, Oct 21, 2021
By S. Anirudh Iyer
NEW DELHI – Futures contracts of all components in the edible oil basket on the National Commodity and Derivatives Exchange and Multi Commodity Exchange of India fell today.
* SOYBEAN and REFINED SOYOIL contracts on the NCDEX fell because of weakness in parent contracts on the Chicago Board of Trade, which weighed on sentiment.
* Harvest of soybean in the US is progressing rapidly, which is likely to increase supply in markets going ahead, and weigh on prices. The US is one of the largest producers of soybean in the world.
* Also, arrivals of the new crop from the 2021-22 (Jul-Jun) kharif season in domestic markets is weighing on prices of the oilseed. Arrivals are expected to increase going ahead.
* CRUDE PALM OIL contracts on the MCX were lower because recent steps taken by the government such as a cut in import duty till March 2022 weighed on sentiment for the edible oil.
* However, the fall was limited as near-term demand prospects are firm due to Diwali, analysts said.
* MUSTARD contracts ended lower on the NCDEX amid low volumes. Volumes in mustard contracts declined as the Security and Exchange Board of India ordered NCDEX to not allow build-up of any fresh position in the contact.
* At 1730 IST
–November contract of soybean was down 0.6% at 5,310 rupees per 100 kg on NCDEX
–November contract of refined soyoil was down 1.4% at 1,263 rupees per 10 kg on NCDEX
–October contract of crude palm oil was down 1.6% at 1,112.2 rupees per 10 kg on MCX
–November contract of mustard down 0.1% at 8,451 rupees per 100 kg on NCDEX
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Patricia Hou
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