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Palmolein, groundnut oil prices rise on high demand

Press Trust of India  |  New Delhi 

In restricted activity, prices of palmolein and groundnut oils went up at the wholesale and oilseeds market during the week on pick-up in demand from retailers.

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

Traders said increased demand from retailers against tight stocks position on restricted supplies from producing regions mainly led to the rise in palmolein and groundnut prices.

They said, however, volume of business remained thin due to tight fund positions following the government's surprise move, banning 500 and 1,000 rupee currency notes in a bid to flush out black money.

In the national capital, palmolein (rbd) and palmolein (Kandla) shot up by Rs 150 each to Rs 5,850 and Rs 5,900 per quintal, respectively.

Groundnut mill delivery (Gujarat) rose by Rs 100 to Rs 10,100 per quintal. Groundnut solvent refined followed suit and traded higher by Rs 50 to Rs 1,750-1,850 per tin.

Elsewhere, other edible oils moved in a narrow range in scattered deals and pegged at the last levels.

In the non-edible section, castor oil rose by Rs 50 to Rs 9,750-9,850, while linseed oil remained steady at Rs 9,900 per quintal, respectively.

Grains: Weak conditions were seen at the wholesale grains

market during the week as prices of wheat and other bold grains moved down on ample stocks position due to improved supplies against reduced offtake.

However, rice basmati showed some strength on uptick in demand.

Traders said besides adequate stocks position on improved supplies, government's measures to check rising prices, easing demand from flour mills at prevailing levels, mainly led to the decline in wheat prices.

Meanwhile, the government doubled the quantity of wheat to 14,000 tonnes to be sold in open market through auction in the national capital on November 24 in order to check prices.

Recently, the Centre released 10 lakh tonnes of wheat under the Open Market Sale Scheme (OMSS) meant for flour millers and other bulk users.

In the national capital, wheat dara (for mills) eased to Rs 2,200-2,205 against last close of Rs 2,320-2,325 per quintal.

Atta chakki delivery followed suit and slipped to Rs 2,175-2,190 from previous level of Rs 2,330-2,335 per 90 kg.

Atta flour mills, maida and sooji too finished lower at Rs 1,175-1,180, Rs 1,240-1,250 and Rs 1,300-1,310 as compared to previous levels of Rs 1,340-1,350, Rs 1,430-1,440 and Rs 1,480-1,490 per 50 kg respectively line with a wheat trend.

Other bold grains like, maize and barley declined by Rs 50 and Rs 20 to Rs 1,630-1,640 and Rs 1,790-1,800, while bajra shed Rs 10 at Rs 1,530-1,535 per quintal, respectively.

On the other hand, rice basmati common and Pusa-1121 variety edged up to Rs 5,900-6,000 and Rs 4,750-5,950 against last close of Rs 5,800-5,900 and Rs 4,700-5,900 per quintal, respectively.

Pulses: In restricted activity, prices of select pulses

led by urad moved down at the wholesale market owing to slackened demand from retailers at prevailing levels.

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

Meanwhile, import of 4.06 lakh tonnes of pulses has been contracted so far this year for buffer stock, and the total shipments could rise to 10 lakh tonnes, the government said.

Government has created 6.38 lakh tonnes of pulse buffer stock so far through domestic purchase and imports.

Trading activity dropped considerably due to prevailing cash crunch in the market following the government banning 500 and 1,000 rupee notes in a bid to flush out black money.

In the national capital, urad and its dal chilka local fell by Rs 300 each to Rs 6,900-7,900 and Rs 7,200-7,300 per quintal, respectively. Its dal best quality and dhoya followed suit and traded lower by a similar margin to Rs 7,300-7,800 and Rs 7,700-8,000 per quintal, respectively.

Moong and its dal chilka local declined by Rs 100 each to Rs 5,100-5,600 and Rs 5,600-5,800 per quintal, respectively. Its dal dhoya local and best quality enquired lower by the same margin to Rs 6,200-6,700 and Rs 6,700-6,900 per quintal.

Masoor small and bold shed Rs 50 each at Rs 5,250-5,350 and Rs 5,300-5,400 per quintal. Its dal local and best quality traded lower by a similar margin to Rs 5,700-6,200 and Rs 5,800-6,300 per quintal.

Moth eased to Rs 3,800-4,200 from last close of Rs 4,200-4,500 per quintal.

Arhar and its dal dara variety moved down by Rs 100 each to Rs 6,200 and Rs 8,100-9,900 per quintal, respectively.

In line with the overall trend, peas white and green went down by Rs 200 each to Rs 2,700-2,725 and Rs 3,000-3,100 per quintal, respectively.

Sugar: Weak conditions emerged at the wholesale sugar

market in the national capital during the week under review with sugar prices falling by up to Rs 200 per quintal following mounting of stocks on increased supplies form mills amid limited offtake.

Marketmen said, increased supplies from mills amid beginning of crushing season against reduced offtake by bulk consumers, mainly pulled down the sweetener prices.

Moreover, prevailing cash crunch in the market following the government banning Rs 500 and Rs 1,000 currency notes to curb black money too dampened the trading sentiment, they said.

Sugar ready M-30 and S-30 prices fell the most by Rs 200 each to end the week at Rs 3,850-4,000 and Rs 3,840-3,990 per quintal, respectively.

Likewise, mill delivery M-30 and S-30 prices tumbled by Rs 110 each to conclude the week at Rs 3,470-3,630 and Rs 3,3460-3,620 per quintal, respectively.

In the millgate section, sugar khatuli dropped by Rs 90 to Rs 3,590, followed by Ramala by Rs 80 to end at Rs 3,480 per quintal.

Sugar Asmoli, Dorala, Simbholi and Nazibabad slid by Rs 70 each to close at Rs 3,610, Rs 3,550, Rs 3,620 and Rs 3,470 per quintal, respectively.

Sakoti fell by Rs 50 to Rs 3,510, Modinagar lost Rs 35 at Rs 3,550, while Chandpur, Dhanora and Dhampur shaded Rs 30 each to Rs 3,500, 3,540 and Rs 3,500 per quintal respectively.

Meanwhile, business started in Kinnoni, Mawana, Thanabhavan and Budhana at Rs 3,630 and all others at Rs 3,550 each per quintal.

Jaggery: The wholesale gur (jaggery) market depicted a

subdued trend in the national capital during the week with prices dropping by Rs 100 per quintal, largely dragged down by muted demand from stockists and bulk consumers amid steady inflow of arrivals from manufacturing belts.

Muradnagar gur markets also exhibited a weak trend as prices fell by Rs 50 per quintal on thin demand and adequate stocks.

Marketmen said, absence of buying support due to tight money conditions in the markets amid constant supplies from manufacturing belts, largely weighed on the prices.

In Delhi, gur pedi prices drifted lower by Rs 100 to end the week at Rs 3,100-3,200 per quintal.

Similarly shakkar prices slipped by Rs 100 to finish the week at Rs 3,500-3,600 per quintal.

Meanwhile, gur chakku and dhayya prices continually enquired on previous week's close of Rs 3,100-3,200 and Rs 3,500-3,600 per quintal.

At Muradnagar, gur pedi and dhayya prices lowered by Rs 50 each during the week to conclude at Rs 2,750-2,800 and Rs 2,850-2,900 per quintal, respectively.

However, Muzaffarnagar gur markets recorded a rise of Rs 100 in gur chakku prices at Rs 2,750-3,000 per quintal.

Elsewhere, other gur varieties in Muzaffarnagar such as laddoo and khurpa remained flat at Rs 2,600-2,650 and Rs 2,900-3,000 per quintal, respectively.

Gur raskat prices too ended flat at Rs 2,500-2,600 per quintal on some buying by beer makers.

Dry Fruits: Select dry fruits recorded rise in their

prices at the wholesale market in the national capital during the week under review on increased buying by stockists and retailers, driven by ongoing wedding and winter season.

Furthermore, tight stock positions following restricted arrivals from producing regions and overseas market also influenced prices.

Trading sentiments turned better mostly on increased offtake by stockists and retailers to meet ongoing marriage and winter season demand.

During winter, demand for dry fruits generally goes up.

Almond (California) prices rose by Rs 300 to Rs 16,000-16,200 per 40 kg, while its kernel went up by Rs 20 to settle at Rs 590-610 per kg.

Almond gurbandi and girdhi prices also increased up to Rs 200 to conclude at Rs 12,000-12,200 and Rs 5,500-5,700 per 40 kg, respectively.

Chilgoza-roasted traded higher by Rs 50 to settle at Rs 1,400-2,150 per kg.

Cashew kernel No 180, No 210, No 240 and No 320 rose up to Rs 45 to finish at Rs 1,105-1,115, Rs 995-1,005 Rs 895-905 and Rs 795-805 and its kernel broken (2, 4 and 8 pieces) also increased up to Rs 50 to settle at Rs 720-775, Rs 710-760 and Rs 600-675 per kg, respectively.

Copra (superior quality) rose by Rs 300 to settle at Rs 8,200-11,000 per quintal.

Kishmish Indian (yellow and green) prices were up by Rs 100 each to conclude at Rs 2,800-4,500 and Rs 5,000-11,000 per 40 kg, respectively.

Pistachio hairati and peshwari prices rose up to Rs 20 to settle at Rs 1,210-1,325 and Rs 1,425-1,515 per kg, respectively.

Walnut and its kernel prices also ended higher by Rs 20 each to finish at Rs 290-440 and Rs 800-1,500 per kg, respectively.

Kirana: Prices of select spices, pepper and jeera rose at

the wholesale kirana market during the week, mostly supported by pick-up in demand from local parties and exporters against tight stocks following fall in supplies from producing belts.

Market analysts said, apart from fall in supplies from producing regions, pick-up in demand from retailers and stockists in view of wedding season, influenced trading sentiment.

Black pepper traded higher at Rs 710-820 as against previous close at Rs 690-810 per kg on higher export demand.

Cardamom brown-jhundiwali and kanchicut rose up to Rs 120 to settle at Rs 930-950 and Rs 1,000-1,250 per kg, respectively.

Cardamom small varieties such as chitridar, colour robin, bold and extra bold prices edged higher up to Rs 50 to conclude at Rs 1,150-1,200, Rs 1,050-1,075, Rs 1,125-1,150 and Rs 1,170-1,200 per kg, respectively.

Coriander prices increased by Rs 300 to close at Rs 7,500-13,500 per quintal.

Dry ginger and kalaunji prices edged higher by Rs 200 each to settle at Rs 14,200-20,200 and Rs 18,700-19,200 per quintal, respectively.

Mace--red and--yellow rose by Rs 10 each to conclude at Rs 760-1,040 and Rs 1,040-1,050 per kg, respectively.

Poppyseed (Turkey, MP-RAJ and kashmiri) prices traded Rs 5 each higher to finish at Rs 345-355, Rs 350-360 and Rs 375-400 per kg, respectively.

Red chilli and turmeric prices increased Rs 100 each to conclude at Rs 8,400-17,500 and Rs 8,400-11,900 per quintal, respectively.

Jeera common and jeera best quality also went up by Rs 200 each to end at Rs 19,200-19,700 and Rs 22,200-22,700 per quintal, respectively.

First Published: Sat, November 26 2016. 12:07 IST