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NCDEX Soy Oil Tumbles On Poor Global Cues: April 17, 2012

ByCommodityOnline
Published 04/17/2012, 05:02 AM
Updated 05/14/2017, 06:45 AM

NCDEX soy oil futures traded lower on account of as profit taking after sharp rise in the last week. Weakness in overseas market as also added bearish market sentiments.

The import of edible oils in the month of March 2012 is reported at 702,335 tons compared to 412,088 tons in March 2011, up by 70%. The overall import of edible oils during November 2011 to March 2012 was 3,705,739 tonnes compared to 3,024,496 tonnes i.e. up by 22.5%.

Average crude palm oil import prices was 1172 per tonne (CIF) in the month of March at Indian ports, it was higher than $1148 per tonne in February. However, crude soybean oil prices were 1283/tonnes in the month of March, slightly down as compared to 1285/tonnes in the February.

NCDEX Jeera Ends Higher On Short Covering

Jeera futures after trading bearish in the last few trading sessions witnessed short coverings by the market participants and settled 0.60% and 1.83% higher on Monday.

Carryover stocks of jeera are expected to be around 7-8 lakh bags as compared to 4-5 lakh bags in the last year.

Production, Arrivals And Exports

Unjha markets witnessed arrivals of 25,000 bags 2000 bags lower than previous day while offtakes remained same at 28,000 bags on Monday.

Production of jeera in 2011-12 is expected to be around 35 lakh bags as compared to 29 lakh bags in 2010-11, with each bag weighing 55 kgs (Source: spot market traders).

According to Spices Board of India, exports of jeera during April 2011- January 2012 stood at 34,500 tonnes as compared to 22,450 tonnes in 2010-11, an increase of 54%. However, month-on-month exports of jeera witnessed a decline of 40%.

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