Informist, Tuesday, Dec 7, 2021
By S. Anirudh Iyer
NEW DELHI – Futures contracts of crude palm oil and refined soyoil on the Multi Commodity Exchange of India and National Commodity and Derivatives Exchange, respectively, were higher today.
* CRUDE PALM OIL and REFINED SOYOIL on the MCX and NCDEX were higher today as sentiment marginally improved after worries eased over Omicron, the new variant of COVID-19.
* The ease in worries led to expectations of increased demand for edible oil from major bulk consumers such as hotels and restaurants.
* Also, strength in parent contracts on the international bourse supported prices of commodities in the domestic exchanges.
* SOYBEAN contracts were lower as investors continued to book profits after the most-active January contract hit a two-week high of 6,894 rupees per 100 kg on Monday.
* Prices of the commodity increased over the past few sessions as demand from poultry-feed manufacturers for soymeal, a derivative of the oilseed, supported prices.
* MUSTARD contracts ended lower on the NCDEX today. Overall sentiment for the commodity is clouded as expectations of robust demand for winter was offset by a sharp increase in area under the oilseed in the ongoing 2021-22 (Jul-Jun) rabi season.
* At 1825 IST:
–January contract of soybean was down 2.0% at 6,481 rupees per 100 kg on NCDEX
–December contract of refined soyoil was up 1.3% at 1,230 rupees per 10 kg on NCDEX
–January contract of crude palm oil was up 1.4% at 1,125.6 rupees per 10 kg on MCX
–December contract of mustard was down 1.0% at 8,052 rupees per 100 kg on NCDEX.
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Snigdha Kuttikat
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