Informist, Wednesday, Dec 15, 2021
By S. Anirudh Iyer
NEW DELHI – Futures contracts of most components of the edible oil basket traded on the National Commodity and Derivatives Exchange and Multi Commodity Exchange of India fell today.
* CRUDE PALM OIL on the MCX and REFINED SOYOIL on the NCDEX were down, tracking parent contracts on international exchanges, as the recent discovery of the Omicron variant of coronavirus continues to weigh on demand prospects for the near term.
* Prices of CPO on the Bursa Malaysia Derivatives were also down, as export data by private cargo surveyor Amspec Agri showed exports of CPO from Malaysia during Dec 1-15 fell to 158,650 tn from 302,584 tn the previous month, which weighed on sentiment.
* SOYBEAN contracts on the NCDEX ended lower, as demand from bulk buyers such as crushers has marginally fallen after an increase in demand over the past few days, analysts said.
* Also, prospects of an increase in soybean output in Brazil in 2021-22 weighed on sentiment and dragged down prices. Brazil is one of the largest producers of the oilseed in the world.
* MUSTARD contracts on the NCDEX ended flat amid low volumes today.
* At 1814 IST:
--January contract of soybean was down 0.8% at 6,230 rupees per 100 kg on NCDEX
--January contract of refined soyoil was down 1.3% at 1,150.9 rupees per 10 kg on NCDEX
--December contract of crude palm oil was down 2.5% at 1,060.8 rupees per 10 kg on MCX
--December contract of mustard was flat at 7,920 rupees per 100 kg on NCDEX
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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