Weekly Mkts Report: Select edible oils rebound

Trading sentiment in select oils turned better after palm oil climbed to the highest level in more than two years in Malaysia,as weak dollar increased the appeal of commodities as a hedge against inflation.

Besides,fresh buying by vanaspati millers to meet the ongoing festive season demand and restricted supplies from producing regions,also influenced select edible oil prices.

Meanwhile,palm oil futures for the December-delivery contract rose by 1.8 per cent to USD 906 a metric tonne on the Malaysia Derivatives Exchange during the week,the highest level since August 8,2008.

In the national capital,mustard expeller oil Dadri attracted local buying and gained Rs 20 to Rs 5,320 per quintal.

Soyabean refined mill delivery Indore and soyabean degum Delhi oils was in limelight on the back of firming trend in Malaysia and rose by Rs 20 and Rs 10 to Rs 4,850 and Rs 4,610,while palm oil gained Rs 40 to Rs 4,920 per quintal.

Coconut oil also seen in demand and advanced by Rs 35 to Rs 1,260-1,310 per tin of 15 litres.

On the other hand,crude palm oil ex-kandlaand cottonseed mill delivery Haryana oils lacked necessary buying support and fell by Rs 50 each to Rs 4,060 and Rs 4,500 per quintal.

Meanwhile,groundnut mill delivery Gujarat and sesame mill delivery remained steady at Rs 8,300 and Rs 5,850 per quintal in restricted buying activity.

In the non-edible section,castor oil declined by Rs 100 to Rs 8,450-8,550 per quintal,while neem oil lost Rs 50 to Rs 3,700-3,800 per quintal.

Grains: Wheat prices continued to rise for the second straight week under review on sustained buying by flour mills,supported by rising festival demand against less arrivals.

However,rice basmati and other bold grains prices fell on increased arrivals from producing regions.

Buying activity in wheat dara and its products picked up on rising festival demand amid restricted arrivals from the producing region from Punjab and Haryana,traders said.

They said reports of state-run trading firm PEC invited bids for export of wheat to Bangladesh,further influenced the market sentiment to some extent.

Wheat dara for mills remained in demand from flour mills and added another Rs 15 to Rs 1,250-1,255 ,while wheat deshi remained steady at Rs 1,650-1,750 per quintal.

Atta chakki delivery followed suit and gained Rs 15 to Rs 1,255-1,260 per 90 kg and flour mills up by Rs 10 to Rs 670-690 per 50 kg.

Maida and sooji inched by Rs 5 each to Rs 765-795 and Rs 875-895 per 50 kg,respectively in line with a firming trend in wheat prices.

In the rice section,rice basmati common and Pusa-1121 variety fell by Rs 100 each to Rs 5,300-5,400 and Rs 4,400- 4,900 per quintal,respectively.

Permal raw,wand,sela and IR-8 were also traded lower by Rs 50 each to Rs 1,955-2,005,Rs 2,030-2,180,Rs 2,255- 2,305 and Rs 1,785-1,810 per quintal.

Bajra,jowar yellow and white were also declined by Rs 50 each to Rs 800-810,Rs 1,050-1,150 and Rs 2,050-2,100 per quintal,respectively.

Pulses: Weak conditions prevailed in the wholesale pulses market during the past week,as select pulses led by urad dropped on adequate stocks positions following increased arrivals from producing belts amid sluggish demand.

Marketmen said adequate stocks positions following increased arrivals from the producing regions of Rajasthan and Gujarat mainly pulled down the select wholesale pulses prices.

They said sluggish demand among retail consumers following ongoing fasting season of 8216;Navratras8217; also influenced the market sentiment.

In the national capital,urad and its dal chilka local suffered the most by losing Rs 450 and Rs 350 to Rs 4,600- 5,150 and Rs 5,300-5,700,while its dal best quality and dhoya variety lost Rs 350 and Rs 400 to Rs 5,900-6,200 and Rs 6,000 -6,100 per quintal.

Moth followed suit and drifted by Rs 200 to Rs 4,800- 5,100,while moong and its dal chilka local shed Rs 20 each to Rs 4,450-4,850 and Rs 5,250-5,650 per quintal.

In line with a general weakening trend,masoor small and bold also declined by Rs 50 each to Rs 3,300-3,500 and Rs 3,500-3,750 per quintal. Its dal local and best quality lost Rs 100 each to Rs 3,950-4,050 and Rs 4,250-4,550 per quintal.

Sugar: Sugar prices depicted a firm trend in the national capital during the past week under review following restricted supply against stockists and bulk consumers buying for the ongoing festivals and gained up to Rs 80 per quintal.

Higher advices outside also influenced the trading sentiment to some extent.

Fresh free-sale sugar quota for October-month by the government was less than the market expectations and helped in pushing up the prices to some extent,traders said.

They said a rise in consumption by bulk consumers for the ongoing Commonwealth Games also remained a supporting factor for the commodity.

Sugar ready gained from the last week8217;s close of Rs 2,760-2,885 and Rs 2,750-2,875 to settle at Rs 2,840-2,940 and Rs 2,830-2,930,showing net gains of Rs 80 per quintal.

Mill delivery medium and second grade prices also went up from Rs 2,560-2,735 and Rs 2,550-2,725 to Rs 2,640-2,740 and Rs 2,630-2,730 per quintal,revealing net gains of Rs 80 per quintal.

Among millgate ex-cluding duty section,sugar mawana improved by Rs 30 to Rs 2,700 and titabi increased by Rs 25 at Rs 2,690 per quintal.

Dry Fruits: In restricted activity,kishmish and pistachio prices rose in the national capital during the past week on pick up in retailers demand in view of festive season amid fall in arrivals from producing regions.

Marketmen said pick up in retailers demand following the beginning of 8216;Navratras8217; mainly led to a rise in kishmish and pistachio prices.

Restricted arrivals from producing regions further fueled the uptrend,they said.

Kishmish kandhari local and special variety,which held steady during the major part of the week,attracted fresh buying support from retailers in view of festive season and gained Rs 500 each to Rs 7,500-8,000 and Rs 12,500-20,000 per 40 kg,respectively.

Pistachio hairati also traded higher to Rs 1,130-1,210 from previous level of Rs 1,115-1,205 per kg.

Almond california kernel too traded in positive zone at Rs 375-380 as compared to previous level of Rs 370-375 per kg.

Jaggery: The wholesale gur prices showed a downward trend in the national capital in the past week under review following sluggish demand against ample supply from the manufacturing areas and closed with a loss of Rs 200 per quintal.

Muzzafarnagar gur market also ended lower in the absence of buying support coupled with new arrivals.

Marketmen said,sluggish demand from retailers and stockists supported by arrivals of new gur into the market,mainly caused the downfall in gur prices.

Selling pressure from manufacturers also weighted on the gur prices amid ample supply of sugarcane crop from the growing regions,too influenced the gur prices,they added.

In Delhi,gur pedi dropped from Rs 3,000-3,050 to settle at Rs 2,800-2,900 per quintal,revealing a loss of Rs 200 per quintal.

Chakku also shed from Rs 2,900-2,950 to Rs 2,850-2,900,

showing a loss of Rs 50 per quintal.

However,shakkar prices ruled flat throughout the week on some support at Rs 3,100-3,200 per quintal.

Turning to Muzzafarnagar,poor demand from beer and cattle feed making industries,pulled down the price of gur raskat from Rs 2,150-2,200 to finish at Rs 2,075-2,175,persisting a net loss up to Rs 75 per quintal.

Chakku also fell from Rs 2,600-2,700 to end at Rs 2,500- 2,600,mirroring a loss of Rs 100 per quintal.

After a long gap of trading,witnessed in gur khurpa prices on arrivals of new gur and prices quoted at Rs 2,875- 3,000 per quintal.