Informist, Friday, Dec 31, 2021
By Uddipta Banerjee
NEW DELHI – The futures contracts of components in the edible oil basket on the National Commodity and Derivatives Exchange and the Multi Commodity Exchange of India were mixed today.
* The sharp rise in COVID cases in major consumers such as India has weighed down sentiment as it has dimmed the near-term prospects of demand.
* Restrictions imposed to control the spread are likely to reduce demand from major bulk buyers, which has weighed on prices over the past few sessions.
* CRUDE PALM OIL contracts rose on MCX today, tracking gains in parent contract on the Bursa-Malaysia Derivatives.
* Concerns over output, because of the recent floods in Malaysia which caused damages to major plantations, supported the prices of the commodity. Globally, Malaysia is the second-largest producer of crude palm oil.
* SOYBEAN and REFINED SOYOIL contracts on the NCDEX were lower today as fears over disruption in demand due to the ongoing rise in Omicron cases in the country has resulted in a decline in prices.
* Earlier this week, the most-active January contract of soybean on the NCDEX hit a one-week high of 6,450 rupees per 100 kg due to drought in south Brazil, which led to fears of a decline in output.
* The prices of MUSTARD contracts on the NCDEX were unavailable as no trade happened today.
* At 1845 IST:
–January contract of soybean was down 1.1% at 6,230 rupees per 100 kg on NCDEX
–January contract of refined soyoil was down 1.1% at 1,164.9 rupees per 10 kg on NCDEX
–December contract of crude palm oil was up 0.2% at 1,092.5 rupees per 10 kg on MCX
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Michael Correya
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Source: Cogencis
