[ Back ]     [ Comments ]     [ Print ]

News Admin
 
Date
 19/03/2020
News Provider
 Nur Aisha Abd. Wahab
News Source
 Cogensic
Headline
 India Edible Oil: MCX CPO up on weak imports, BMD cues cap rise

Cogensic (18/03/2020) - NEW DELHI – Futures contracts of all components of the edible oil basket rose on domestic exchanges today.

Futures of refined soyoil on the National Commodity and Derivatives Exchange and crude palm oil on the Multi Commodity Exchange of India rose nearly 2% each due to subdued imports of vegetable oil, traders said.


India's vegetable oil imports in February fell 11% on year to 1.11 mln tn, the Solvent Extractors' Association of India said. During Nov-Feb, overall vegetable oil imports fell 6.1% on year to 4.56 mln tn.


However, weakness in key contracts on the Bursa Malaysia Derivatives capped the upside, analysts said.


Futures contracts of crude palm oil closed lower on BMD today, tracking crude oil contracts on NYMEX and benchmark soyoil contracts on the Chicago Board of Trade, analysts said. The most-active June contract closed 0.4% lower at 2,240 ringgits (about 38,262 rupees) per tn. 


Crude oil contracts on NYMEX fell today due to worry over the economic impact of the coronavirus pandemic and a likely increase in supply from Saudi Arabia and Russia. Crude palm oil tracks crude oil as the former is used as an ingredient in biodiesel, an alternative fuel. 


Weakness in soyoil contracts on CBOT also weighed on crude palm oil contracts on the Malaysian bourse, they said. Prices of crude palm oil and soyoil typically move in tandem as both are used as substitutes in oil blends.


Soybean futures rose on NCDEX, in line with gains in key contracts on CBOT, traders said. 


Soybean futures jumped 1.6% today on concern that Malaysia's move to shut down businesses for two weeks to contain the rapidly spreading caronavirus would hit palm oil production.


Mustard contracts on NCDEX also rose today because of rising demand from oil millers and dwindling imports of mustard oil, traders said.


The following table details prices of edible oils and oilseeds at 1710 IST, in rupees, and the difference compared with the previous session:









































CONTRACT



UNIT


(in kg)



EXCHANGE



PRICE


(rupees)



CHANGE


(in rupees)



Soybean Apr



100



NCDEX



3,398.0



52.0



Refined soyoil Apr**



10



NCDEX



  722.8



6.8



Crude palm oil Apr**



10



MCX



  631.0



12.6



Mustard Apr



100



NCDEX



3,895.0



 27.0



 **Trade in soyoil and crude palm oil futures will end at 2100 IST


End 


US$1 = 74.24 rupees


IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT


Read more at http://www.cogencis.com/newssection/india-edible-oil-mcx-cpo-up-on-weak-imports-bmd-cues-cap-rise/



ECONOMICS & INDUSTRY DEVELOPMENT DIVISION
Malaysian Palm Oil Board ( MPOB ) Lot 6, SS6, Jalan Perbandaran, 47301 Kelana Jaya, Selangor Darul Ehsan, MALAYSIA.
Tel : 603 - 7802 2800 || Fax : 603 - 7803 3533