Informist, Friday, Jan 7, 2022
By Uddipta Banerjee
NEW DELHI – Futures contracts of most components in the edible oil basket on the National Commodity and Derivatives Exchange and the Multi Commodity Exchange of India were higher today.
* However, the rising count of Omicron variant cases in major consumer countries weighed on the sentiment as it has dimmed the near-term prospects of demand.
* Restrictions put in place to check the spread of the virus is expected to lower the demand from major bulk buyers, which in turn has capped a sharp rise in prices of the commodities.
* CRUDE PALM OIL prices on the MCX rose, tailing gains in the parent contracts on the Bursa Malaysia Derivative.
* Concerns over output, owing to the recent floods in Malaysia that have caused damages to major plantations, supported the rise in prices of crude palm oil. Malaysia is the second-largest producer of crude palm oil in the world.
* The most-active January contract of SOYBEAN on the NCDEX hit a one-week high of 6,400 rupees per 100 kg earlier today because weather concerns in Brazil, leading to fears over a decline in output of the oilseed, continued to support prices. Brazil is one of the largest producers of soybean in the world.
* REFINED SOYOIL contracts on the NCDEX were higher today tracking the strength in parent contracts on the Chicago Board of Trade. Rise in crude oil prices supported soyoil prices, as the latter is used in manufacturing biofuel.
* Prices of MUSTARD on NCDEX fell today on profit booking by investors. The most-active January contract on the NCDEX had hit a two-week high of 7,656 rupees per 100 kg on Thursday.
* At 1715 IST:
–January contract of soybean was up 0.9% at 6,366 rupees per 100 kg on NCDEX
–January contract of refined soyoil was up 0.2% at 1,193 rupees per 10 kg on NCDEX
–January contract of crude palm oil was up 1.4% at 1,105 rupees per 10 kg on MCX
–January contract of mustard was down 2.3% at 7,480 rupees per 100 kg on NCDEX
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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