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Edible oils slide on fall in demand, ample stocks

Press Trust of India  |  New Delhi 

Weak conditions prevailed at the oils and oilseeds market during the week as prices of select edible oils slipped on easing demand from vanaspati millers as well as retailers against adequate stocks position on increased arrivals from producing regions.

Castor oil, in the non-edible section, also declined on reduced offtake by consuming industries.

Markets remained closed on Tuesday on account of 'Dussehra'.

Traders said apart from a fall in demand from retailers and vanaspati millers at prevailing levels, sufficient stocks position on increased supplies from producing belts mainly kept pressure on select edible oil prices.

Meanwhile, palm oil fell marginally to 7,73,497 tonnes in September this year, but rising shipments of refined palm oils are hurting domestic refiners, industry body Solvent Extractors Association (SEA) said.

In the national capital, groundnut mill delivery (Gujarat) oil fell by Rs 300 to Rs 12,400 per quintal. Groundnut solvent refined followed suit and shed Rs 20 at Rs 1,900-1,950 per tin.

Mustard expeller (Dadri) oil weakened by Rs 50 to Rs 8,700 per quintal.

Palmolein (rbd) and Palmolein (Kandla) oils also drifted lower by Rs 150 each to Rs 5,850 and Rs 5,900 per quintal respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils too weakened by Rs 100 each to Rs 6,650 and Rs 6,350 per quintal, respectively.

In the non-edible section, castor oil declined by Rs 50 to Rs 9,750-9,850 per quintal.

Grains: In a holiday-shortened week, rice basmati and

wheat prices firmed up at the wholesale grains market due to pick up in demand against tight stocks position on restricted supplies from producing belts.

However, a few other bold grains turned weak due to reduced offtake by consuming industries.

Trading activity was restricted as markets remained closed on Tuesday for 'Dussehra'.

Marketmen said besides uptick in demand from retailers, restricted supplies from producing regions led to rise in rice basmati prices.

Increased offtake by flour mills against fall in arrivals from producing belts helped wheat prices to close higher, they said.

In the national capital, rice basmati Pusa-1121 variety edged up to Rs 4,050-4,900 from previous week's level of Rs 3,900-4,700 per quintal.

Wheat dara (for mills) also rose by Rs 40 to Rs 1,840-1,845 per quintal. Atta chakki delivery followed suit and traded higher by a similar margin to Rs 1,845-1,850 per 90 kg.

Sooji too climbed to Rs 1,150-1,160 from previous week's close of Rs 1,080-1,090 per 50 kg.

On the other hand, other bold grains like maize and barley were under pressure and slipped to Rs 1,540-1,550 and Rs 1,610-1,615 as compared to previous levels of Rs 1,570-1,580 and Rs 1,630-1,635 per quintal respectively.

Bajra also declined by Rs 15 to Rs 1,300-1,305 per quintal.

Pulses: In restricted activity, prices of select pulses

led by gram and arhar declined at the wholesale market owing to muted demand from retailers at prevailing levels amid an improvement in supplies after government took steps to curb soaring prices.

Market remained closed on Tuesday on account of 'Dussehra'.

However, kabuli gram managed to close in positive zone.

Marketmen said besides fall in demand from retailers at current higher levels, ample stocks on increased supplies following government's measures to check rising prices and improve availability in the market, mainly helped gram and a few other pulses prices to decline.

Meanwhile, in the absence of government outlets in states, the Centre will utilise huge network of post offices across the country to sell subsidized pulses, mainly tur, urad and chana, to ensure availability in the ongoing festival season.

In the national capital, gram, gramdal local and best quality fell by Rs 200 each to Rs 10,300-10,500, Rs 10,500-10,800 and Rs 10,900-11,000 per quintal respectively.

Arhar and its dal dara variety declined by Rs 150 and Rs 200 to Rs 7,150 and Rs 9,100-10,900 per quintal respectively.

Urad and its dal chilka local eased to Rs 7,250-8,850 and Rs 7,700-7,800 against last close of Rs 7,500-9,100 and Rs 8,000-8,100 per quintal.

Its dal best quality and dhoya followed suit and slipped to Rs 7,800-8,300 and Rs 8,200-8,500 from previous levels of Rs 8,100-8,600 and Rs 8,500-8,800 per quintal.

Moong and its dal chilka declined by Rs 100 each to Rs 5,300-5,900 and Rs 5,800-6,100 per quintal. Its dal dhoya local and best quality enquired lower by the same margin to Rs 6,400-6,900 and Rs 6,900-7,100 per quintal.

Masoor small and bold weakened by Rs 100 each to Rs 5,500-5,700 and Rs 5,550-5,750 per quintal. Its dal local and best quality traded lower by a similar margin to Rs 5,950-6,450 and Rs 6,050-6,550 per quintal.

Malka local and best quality finished lower by Rs 100 each to Rs 6,400-6900 and Rs 6,500-7000 per quintal.

Moth too fell by Rs 200 to Rs 4,000-4,300 per quintal.

On the other hand, kabuli gram small variety found selective buying and ended higher at Rs 9,800-10,200 from previous week's close of Rs 9,700-10,000 per quintal.

Sugar: Sugar prices continued to rise for the second

straight week at the wholesale market in the national capital following strong demand from retailers, stockists and bulk consumers amid thin supplies from millers and recorded gains up to Rs 20 per quintal.

Marketmen said continued buying by retailers, stockists as well as bulk consumers such as soft-drinks, ice-creams and sweet makers, driven by festive season amid pause in supplies from mills, largely kept sweetener prices higher during the period.

A significant rise in demand from neighbouring states and a firming trend at the futures market also influenced sugar prices, they added.

However, recent steps taken by the government including imposing stocks limit to curb any speculative rise in sweetener during festive season managed to check any sharp rise in prices.

Price of sugar ready M-30 and S-30 were higher by Rs 20 each to finish the week at Rs 3,920-4,200 and Rs 3,910-4,190 per quintal, respectively.

Mill delivery M-30 and S-30 prices also rose by similar margins to end the week at Rs 3,600-3,850 and Rs 3,590-3,840 per quintal, respectively.

In the millgate section, sugar Asmoli, Dorala, Dhanora Dhampur and Chandpur gained Rs 20 each to settle at Rs 3,840, Rs 3,740, Rs 3,680, Rs 3,650 and Rs 3,620, while, Khatuli, Ramala and Sakoti moved up by Rs 10 each to Rs 3,840, Rs 3,610 and Rs 3,640 per quintal, respectively.

Meanwhile, sugar Anupshaher, Baghpat, Morna and Nazibabad remained steady throughout the week at Rs 3,600, Rs 3,620, Rs 3,600 and Rs 3,600 per quintal, respectively.

Jaggery: A weak trend emerged at the wholesale gur

(jaggery) market in the national capital during the week under review on huge stocks following arrivals of stocks of new gur amid sluggish demand from stockists and retailers, and registered a steep fall by up to Rs 500 per quintal.

At Muzaffarnagar and Muradnagar gur markets, prices also dipped by up to Rs 650 per quintal.

According to marketmen, mounting stocks on dumping of new gur in the market by manufacturers, mainly led to a sharp fall in the prices.

Besides, sluggish demand from retailers and stockists coupled with weak advices from neighbouring states market too dampened sentiments, they added.

In Delhi, gur pedi, dhayya and shakkar prices showed a whopping fall of Rs 500 to finish at Rs 3,300-3,500, Rs 3,500-3,600 and Rs 3,600-3,700, while chakku prices plunged by Rs 350 to Rs 3,350-3,450 per quintal, respectively.

At Muzaffarnagar, gur chakku prices nosedived by Rs 650 at Rs 3,050-3,500 followed by gur khurpa Rs 600 to Rs 2,800-2,950, gur laddoo prices also plummeted by Rs 550 to Rs 3,150-3,200 per quintal, respectively.

Gur raskat prices also dropped by Rs 150 to trade at Rs 2,850-2,900 per quintal on withdrawal of support by beer makers.

Coming to Muradnagar, gur pedi prices crashed by Rs 525 to settle at Rs 2,950-3,000, while dhayya prices were down by Rs 500 at Rs 3,000-3,050 per quintal.

Dryfruits: Dryfruits prices rose at the wholesale market

in the national capital during the week largely on the back of increased buying by stockists and retailers, supported by rising domestic and export demand.

Tight stocks following restricted arrivals from producing regions and overseas markets too influenced prices.

Sentiment remained firm mostly on increased offtake by stockists and retailers, triggered by upcoming festive season and pick-up in export demand, marketmen said.

Cashew kernel No 180, No 210, No 240 and No 320 rose Rs 5 each to settle at Rs 1,055-1,075, Rs 955-975, Rs 855-875 and Rs 775-795 per kg, respectively.

Its broken pieces (2, 4 and 8 pieces) also gained Rs 5 each at Rs 700-760, Rs 675-640 and Rs 585-650 per kg, respectively.

Chilgoza-roasted increased by Rs 100 to finish at Rs 1,100-1,400 per kg.

Dry dates prices advanced by Rs 100 to conclude at Rs 3,000-12,000 per quintal.

Kishmish Indian yellow and green rose by Rs 100 each to finish at Rs 2,900-4,600 and Rs 5,100-9,100 per 40 kg.

Pistachio hairati and peshwari traded higher at Rs 1,205-1,320 and Rs 1,420-1505 as compared to Rs 1,190-1,300 and Rs 1,415-1,500 per kg, respectively.

Walnut and its kernel prices also increased by Rs 10 each to end at Rs 310-460 and Rs 810-1,460 per kg.

On the other hand, almond (California) prices drifted lower up to Rs 600 to close at Rs 15,800-16,000 per 40 kg, while its kernel declined to Rs 560-570 from previous closing of Rs 580-590 per kg.

First Published: Sat, October 15 2016. 13:07 IST