Informist, Tuesday, Jan 4, 2022
By Uddipta Banerjee
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NEW DELHI – Futures contracts of components of the edible oil basket on the National Commodity and Derivatives Exchange and the Multi Commodity Exchange of India rose today.
* A sharp rise in prices was, however, capped as rising cases of Omicron the world over and restrictions placed in major bulk buyers such as India led to fear of demand being hit.
* CRUDE PALM OIL on the MCX was higher as demand recovered at lower price levels. On Monday, the most-active January contract hit a two-week low of 1,076.1 rupees per 10 kg due to concerns over reduction in demand amid rising Omicron cases in the country.
* Strength in parent contracts on the Bursa Malaysia Derivative supported the gains. Prices were also supported as recent floods in Malaysia damaged major plantations, raising concerns over output. Malaysia is the second-largest producer of crude palm oil.
* REFINED SOYOIL contracts on the NCDEX were higher today because of strength in parent contracts on the Chicago Board of Trade. Gains in crude oil prices supported the prices.
* Soyoil prices take cues from crude oil as the former is used in manufacturing biofuels.
* Prices of MUSTARD and SOYBEAN on the NCDEX were higher today amid low trade volumes.
* At 1725 IST:
–January contract of soybean was up 0.3% at 6,270 rupees per 100 kg on NCDEX
–January contract of refined soyoil was down 0.5% at 1,177 rupees per 10 kg on NCDEX
–December contract of crude palm oil was up 1.2% at 1,088 rupees per 10 kg on MCX
–January contract of mustard was up 0.5% at 7,500 rupees per 100 kg on NCDEX
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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