Informist, Wednesday, Dec 1, 2021
By Rahul Dhuri
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MUMBAI – Futures contracts of all components of the edible oil basket on the National Commodity and Derivatives Exchange and Multi Commodity Exchange rose today.
* MUSTARD contract on the NCDEX ended marginally higher today tracking gains in the spot markets, where prices rose because of a decline in arrivals. Arrivals in major markets across the country were pegged at 185,000 bags (1 bag = 84 kg), down 15,000 bags from Tuesday.
* In Rajasthan’s Jaipur, the benchmark market, the oilseed was priced at 8,400 rupees per 100 kg, up 200 rupees from the previous day. Demand for the oilseed is expected to further pick up in the coming weeks as consumption of mustard oil increases during winters, a trader from Manishankar Oils in Jaipur said.
* SOYBEAN contracts rose as demand for soybean increased over the past few days because of a rise in demand for soymeal, a derivative of the oilseed. Demand for soymeal from poultry feed manufacturers has increased.
* SOYOIL prices rose on the domestic bourse tracking gains in soybean contracts and due to a rise in crude palm oil prices. Prices of CPO and soyoil typically move in tandem as both are used as substitutes in edible oil blends.
* CRUDE PALM OIL contracts on the MCX rose tracking gains in the parent contract on the Bursa Malaysia Derivatives, where prices were higher because of upbeat export data from Malaysia, the world’s second-largest producer of the commodity.
* Malaysia’s crude palm oil exports in November were at 632,943 tn, against 362,480 tn in October, according to data by private cargo surveyor Amspec Agri.
* At 1910 IST:
–January contract of soybean was up 4.6% at 6,372 rupees per 100 kg on NCDEX
–December contract of refined soyoil was up 0.1% at 1,197.3 rupees per 10 kg on NCDEX
–December contract of crude palm oil was up 0.2% at 1,099.3 rupees per 10 kg on MCX
–December contract of mustard was up 0.3% at 8,021 rupees per 100 kg on NCDEX.
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Pranav S. Joshi
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