Informist, Thursday, Dec 16, 2021
By S. Anirudh Iyer
NEW DELHI – The futures contracts of most components of the edible oil basket traded on the National Commodity and Derivatives Exchange, and the Multi Commodity Exchange of India were higher today.
* CRUDE PALM OIL on the MCX and REFINED SOYOIL on the NCDEX were higher today tracking the strength in parent contracts in the international markets.
* CPO prices ended up on the Bursa Malaysia Derivatives today as demand for the commodity recovered after prices of the most-active February contract hit a 12-week low of 4,435 ringgits (80,254.39 rupees) per tn on Wednesday on fears over the impact of the Omicron variant of coronavirus.
* Also, prices had fallen on Wednesday as data by private cargo surveyor Amspec Agri showed that export of CPO from Malaysia from Dec 1 to Dec 15 declined to 158,650 tn from 302,584 tn the previous month.
* REFINED SOYOIL contracts on the NCDEX were also higher because of strength in parent contracts on the Chicago Board of Trade. Soyoil contracts in international markets increased because of gains in crude oil prices. Soyoil prices take cues from crude oil as it is used in manufacturing biofuel.
* SOYBEAN contracts on the NCDEX ended higher as arrivals of the oilseed in key spot markets in the country were lower as farmers are holding onto their stocks in expectations of a rise in prices going ahead.
* Soybean arrivals in spot markets were lower at 14,000 tn in November compared to 19,000 tn during the same time last year. During Oct-Nov, arrivals fell to 2.9 mln tn from 3.7 mln tn during the same period last year, data by the Soybean Processors Association of India showed.
* MUSTARD contracts on the NCDEX ended lower amid weak sentiment due to robust sowing of the oilseed in the ongoing rabi season.
* At 1706 IST:
–January contract of soybean was up 2.2% at 6,358 rupees per 100 kg on NCDEX
–January contract of refined soyoil was up 1.7% at 1,171.1 rupees per 10 kg on NCDEX
–December contract of crude palm oil was up 1% at 1,072.6 rupees per 10 kg on MCX
–December contract of mustard was down 0.3% at 7,900 rupees per 100 kg on NCDEX
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Michael Correya
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