India Edible Oil: NCDEX soyoil falls as data shows rise in imports

Informist, Monday, Dec 13, 2021

By S. Anirudh Iyer

NEW DELHI – Futures contracts of most components of the edible oil basket traded on the National Commodity and Derivatives Exchange and Multi Commodity Exchange fell today.

* REFINED SOYOIL contracts on the NCDEX were down as data by the Solvent Extractors’ Association showed that import of crude soyoil increased in November, which weighed on sentiment. According to the data, crude soyoil imports in November were recorded at 474,160 tn, against 250,784 tn imported during the same month last year.

* Crude soyoil is processed to manufacture refined soyoil. An increase in import of the commodity is likely to result in a sharp rise in supply in domestic markets.

* CRUDE PALM OIL contracts on the MCX fell, tracking parent contracts on the Bursa Malaysia Derivative. Prices of CPO on the Malaysian bourse fell due to expectations of a rise in supply as worries around a labour crunch ease.

* SOYBEAN contracts were lower because of a decline in demand from bulk buyers such as crushers as they have already purchased adequate quantity of the oilseed.

* The most-active December contract of MUSTARD on the NCDEX ended lower today.

* At 1727 IST:

–January contract of soybean was down 0.5% at 6,425 rupees per 100 kg on NCDEX

–January contract of refined soyoil was down 0.3% at 1,178.1 rupees per 10 kg on NCDEX

–December contract of crude palm oil was down 0.2% at 1,099.5 rupees per 10 kg on MCX

–December contract of mustard was down 1.3% at 7,921 rupees per 100 kg on NCDEX

End

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

Edited by Avishek Dutta

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Source: Cogencis