Oils, oil seeds remain depressed on weak global cues
Hit by lack of demand owing to weak overseas advices, the Delhi oil and oilseeds market remained largely depressive past week.
By Agencies |
NEW DELHI: Hit by lack of demand owing to weak overseas advices, the Delhi oil and oilseeds market remained largely depressive past week.
With prices of CPO (crude palm oil) in Malaysia dropping from $ 1180 to $ 1150 per tonne and Chicago soya oil futures down by 235 cent, soya refined oil here declined sharply by Rs 200 to Rs 6950 per quintal amid nervous selling by stockists. Soya refined oil in Indore too dropped by Rs 150/160 per quintal.
As opposed to soya oil, mill-gate prices of soya seed moved up from Rs 2660 to Rs 2740 per quintal on tight supply. Soya refined oil, however, improved by Rs 20/80 a quintal end week following firmness in Chicago soya oil futures, which ended higher by 41 cent amid fresh bout of buying by Asian countries.
Mustard oil witnessed similar trend with prices after dipping from Rs 7000 to Rs 6900 per quintal ending slightly higher at Rs 6980 per quintal tax paid as mustard seed hardened on tight supply.
NON-FERROUS METALS
Tracking firm LME (London Metal Exchange) trends, all major non-ferrous metals ended firm on the Delhi wholesale scrap market past week. Nickel Russian plate and Inco nickel rose to a high of Rs 1155/1165 and Rs 1285/1290 respectively, gaining by a hefty Rs 45 per kg as nickel on LME surged from $ 20582 to $ 21586 per tonne amid speculative buying.
Lead desi soft and hard flared by Rs 10 to Rs 102 and Rs 103/104 per kg with around 2.50-3.0 tonnes of lead being traded end week following encouraging LME advices. Lead on LME was up sharply from $ 1548 to $ 2016 per tonne as speculators went on a buying spree trading around 2000-2100 tonnes of lead.
Moreover, deals for around 700-800 tonnes of lead were also made for next week delivery keeping lead prices firm across all major market centres. Zinc edged up by Rs 4/8 per kg to Rs 108/119 on stockists��� buying as its prices on LME held firm at $ 2035 per tonne.
Zinc dross, too gained Rs 4 at Rs 92 per kg on industrial buying. Copper wire scrap after opening at Rs 370 eased to Rs 365 and firmed up again at Rs 372 per kg end week amid sharp upheaval noticed in copper on LME.
GRAINS & PULSES
CHEMICALS
Impacted by sharp rise in mentha oil prices Menthol Flake, Powder and Crystal bold surged by Rs 220/250 to Rs 930, 950 and Rs 1000 per kg. DMO and Peppermint oil swung to Rs 515 and Rs 760, gaining by a hefty Rs 95/172 per kg end week. According to marketmen, surge in mentha oil futures prices also attributed to a sharp rise in its spot prices. Thymol held firm at Rs 570 per kg.
With prices of CPO (crude palm oil) in Malaysia dropping from $ 1180 to $ 1150 per tonne and Chicago soya oil futures down by 235 cent, soya refined oil here declined sharply by Rs 200 to Rs 6950 per quintal amid nervous selling by stockists. Soya refined oil in Indore too dropped by Rs 150/160 per quintal.
As opposed to soya oil, mill-gate prices of soya seed moved up from Rs 2660 to Rs 2740 per quintal on tight supply. Soya refined oil, however, improved by Rs 20/80 a quintal end week following firmness in Chicago soya oil futures, which ended higher by 41 cent amid fresh bout of buying by Asian countries.
Mustard oil witnessed similar trend with prices after dipping from Rs 7000 to Rs 6900 per quintal ending slightly higher at Rs 6980 per quintal tax paid as mustard seed hardened on tight supply.
NON-FERROUS METALS
Tracking firm LME (London Metal Exchange) trends, all major non-ferrous metals ended firm on the Delhi wholesale scrap market past week. Nickel Russian plate and Inco nickel rose to a high of Rs 1155/1165 and Rs 1285/1290 respectively, gaining by a hefty Rs 45 per kg as nickel on LME surged from $ 20582 to $ 21586 per tonne amid speculative buying.
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Lead desi soft and hard flared by Rs 10 to Rs 102 and Rs 103/104 per kg with around 2.50-3.0 tonnes of lead being traded end week following encouraging LME advices. Lead on LME was up sharply from $ 1548 to $ 2016 per tonne as speculators went on a buying spree trading around 2000-2100 tonnes of lead.
Moreover, deals for around 700-800 tonnes of lead were also made for next week delivery keeping lead prices firm across all major market centres. Zinc edged up by Rs 4/8 per kg to Rs 108/119 on stockists��� buying as its prices on LME held firm at $ 2035 per tonne.
Zinc dross, too gained Rs 4 at Rs 92 per kg on industrial buying. Copper wire scrap after opening at Rs 370 eased to Rs 365 and firmed up again at Rs 372 per kg end week amid sharp upheaval noticed in copper on LME.
GRAINS & PULSES
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Mixed trends were noticed on the Delhi wholesale grains and pulses market past week. While gram moong (green gram) and rice were traded weak amid lack of buying support, pulses such as arhar (pigeon pea), urad (black matpe) and kabuli gram ruled strong amid firm advices from Yangon. Urad FQ spurted by Rs 130/135 to Rs 2790/2800 per quintal following reports of poor sowing and sharp appreciation in urad prices in Yangon. According to marketmen, heavy demand from Pakistan, Nepal and Gulf spiked urad from $ 620 to $ 670 per tonne flaring its landing price in Mumbai to Rs 2660/2670 per quintal appreciating urad prices in Delhi as well. CHEMICALS
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Firm advices from upcountry markets coupled with higher offtake kept Delhi chemicals market largely firm past week. Mentha oil went up by Rs 155, reaching a new high of Rs 780 per kg following steep rise in its prices in Chandausi, Barabanki, Sambhal, Rampur, Bareilly, Moradabad and other producing centres in Uttar Pradesh largely due to tight stocks and heavy buying by stockists. Impacted by sharp rise in mentha oil prices Menthol Flake, Powder and Crystal bold surged by Rs 220/250 to Rs 930, 950 and Rs 1000 per kg. DMO and Peppermint oil swung to Rs 515 and Rs 760, gaining by a hefty Rs 95/172 per kg end week. According to marketmen, surge in mentha oil futures prices also attributed to a sharp rise in its spot prices. Thymol held firm at Rs 570 per kg.
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