Posted by & filed under Sunflower Oil Market Report, Sunflower Oil Prices.

Palm is showing its sharpest fall owing to weaker exports ,bearish sentiments as India increased duty on Veg oils excluding Sunflower oil and Rape oil. Bean oil too is under pressure and prices are getting corrected. Much awaited duty on Veg oils in finally announced in India and they left sunflower oil and rape oil untouched. Under a normal circumstance we would have expected phenomenal demand in sunflower oil but with the excess imports speculative shorts and domestic market not excited at all by duty jump, the demand is not so aggressive. The prices will have to first trade in parity with the offer side and current excess stocks liquidated to attract new demand or Sunflower CIF will have to come at USD 800 from current 815 levels to attract customers.  Trade was expecting a 10% hike in duty but then the hike was only 5% from 12.5% to 17.5% on Bean oil which resulted it traders booking profits on futures exchange. Now the markets have come back to normal and we expect once again prices in India to appreciate. Expect demand back in a fortnight.

 

  • Palm oil price Mkt Midday Closing:
  • DALIAN Sep/Jan
  • PO -80 5386 -96 5308
  • BO -68 6078 -80 6194
  • SB -3 3786 -5 3891
  • SBM -18 2757 -17 2713
  • CBOT
  • Esbo Dec +0.02 33.06
  • Esbn Nov +0.25 924.50
  • Esbm Dec -0.30 299.10
  • CBOT Soyoil Share Dec 35.59%
  • ENERGY
  • Crude Sept +0.22 47.77
  • Gasoil Sept +3.50 475.00
  • Brent Oct +0.29 51.09
  • POGO Jan +144
  • FX
  • EUR 1.1740
  • CNY 6.6883
  • MYR 4.2983
  • SGD 1.3678
  • INR 64.2700
  • IDR 13372
  • BMD (3rd month) Oct -31 2615
  • Hi 2622 Lo 2608
  • Vol 21,113 lots
  • OLN
  • Sept PG 640 v 637.5
  • OND 638.5 v 636
  • JFM 644.5 v 642.5
  • AMJ 649.5 v 645
  • INDON CPO
  • Sept 645 v 632.5 (4.5%)
  • OND ? v 630 (4.5%)
  • LCL MSIA CPO
  • Aug DLVD 2660
  • LCL MSIA STEARIN
  • Sep DLVD 625
  • LCL MSIA PFAD
  • Sep DLVD 610
  • 6 Ports Europe SFO opens with offers Aug 797.5 sept 800 ond 805 jfm 815 amj 825 jas 835
  • Black Sea sunflower oil  offered OND 765 v 750, JFM 770 vs 755
  • Russian Sunflower oil price offered USD 750 vs —
  • Spain offered at USD 810 vs 80
  • Italy offered at USD 805 vs –
  • CIF India offered Sept 825 and Oct 820 and ND 815 indicatively
  • Turkey offered at USD 800 vs –
  • Currency INR 64.19, Euro 1.1729, RM 4.29, and Rub 59.63

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