Informist, Tuesday, Oct 19, 2021
By S. Anirudh Iyer
NEW DELHI – Futures contracts of all components in the edible oil basket, barring soybean, traded on the National Commodity and Derivatives Exchange and Multi Commodity Exchange of India were higher today.
* CRUDE PALM OIL contracts on the MCX and REFINED SOYOIL contracts on the NCDEX were higher as the demand outlook for the commodities is still robust due to the festival season in the country.
* However, a sharp rise was capped as the cut in effective import duty on crude and refined variants of CPO and soyoil may increase supply in domestic markets.
* MUSTARD contracts ended higher as expectations of an increase in mustard oil going ahead due to winter supported prices of the commodity on the NCDEX.
* SOYBEAN contracts on the NCDEX ended lower today because of progress in harvest of the oilseed in the US, which weighed on sentiment. The US is one of the largest producers of soybean in the world.
* Also, an increase in arrivals of the new crop from the 2021-22 (Jul-Jun) kharif season in domestic markets led to a decline in prices.
* At 1735 IST
–November contract of soybean was down 1.4% at 5,343 rupees per 100 kg on NCDEX
–November contract of refined soyoil was up 0.4% at 1,254.4 rupees per 10 kg on NCDEX
–October contract of crude palm oil was up 0.9% at 1,112.20 rupees per 10 kg on MCX
–November contract of mustard up 1.9% at 8,421 rupees per 100 kg on NCDEX
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajendra Masur
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