Oils, oilseeds slip further on negative overseas advices

Agencies NEW DELHI

THE Delhi oil and oilseeds market remained depressive past week following discouraging overseas advices coupled with increased arrivals from producing centres. With the CPO (crude palm oil) in Malaysia down by $ 25 to $ 450 per tonne and Chicago soya oil futures tumbling to around 250 cent this led to nervous selling by stockists easing prices of all major edible oil on the Delhi wholesale market. According to marketmen, increased arrivals of soya seed at crushing units also had a deep impact on edible oil prices. Soya seed which was quoting at Rs 1550/1600 per quintal in producing centres fell to Rs 1480/1500 per quintal. Prices in Ratlam and Neemuch were seen quoting even lower at Rs 1375/1400 per quintal leading to sharp fall in soya oil prices. With soya oil in Indore down by Rs 350 to Rs 4000 per quintal its prices in Delhi also declined from Rs 4800 to Rs 4500 per quintal following heavy selling by stockists. Cottonseed oil slumped to a low of Rs 4050, losing Rs 250 per quintal tracking the weak trend prevailing in Punjab where cottonseed oil prices came crashing down to Rs 3900 per quintal. Sesame oil was also hit by selling pressure with prices easing by Rs 100 to Rs 4250 per quintal even as sesame seed held strong. Mustard seed slipped by Rs 25/50 to Rs 2900/3100 per quintal on weak demand.
GRAINS & PULSES
The Delhi wholesale grains and pulses market ruled mixed past week on the back of mixed signals from upcountry market centres. Tight inventory in roller flour mills appreciated mill-quality wheat Rs 56/58 to Rs 1150/1156 per quintal following spurt in demand. Atta (wheat flour) was also quoting upward by Rs 30/35 at Rs 620/625 per 50 kg on heavy buying by local stockists and retailers. Wheat bran firmed by Rs 20 at Rs 430/450 per 50 kg on increased offtake by upcontry centres. Fine rice 1121 average quality held steady at Rs 5900/6000 per quintal, while rice steam was quoting at Rs 6500/7000 per quintal end week. According to marketmen, sustained arrivals of fine paddy at mills in Haryana eased Paddy grade 1121 from Rs 3000/3100 to Rs 2800/2900 per quintal.
NON-FERROUS METALS
The Delhi non-ferrous metals market observed mixed trends past week. While Nickel and Tin closed firm in tune with the LME (London Metal Exchange) trend copper, brass and aluminium incurred losses. Nickel Russian Plate spurted by Rs 20 to Rs 765/775 per kg on hectic buying by stockists and speculators as nickel on LME rose from $ 11550 to $ 11578 per tonne. Inco nickel was also quoting upward by Rs 10 at Rs 865 per kg. Lead desi soft and hard edged up by Re 1 to Rs 86.50 and Rs 85/89 per kg following firm LME lead which moved up by $ 40 to $ 1332 per tonne. Brass parts, huny scrap and sheet tumbled by Rs 7/8 to Rs 183, 186 and Rs 184 per kg respectively amid increased arrivals from Pune and Hyderabad.
CHEMICALS
All major chemicals ended weak on the Delhi chemical market past week following restricted demand from consuming industries. Formic Acid tumbled by Rs 30 to Rs 68 per kg on lower import booking rate coupled with weak demand. Acetic Acid was down Rs 5 at Rs 45 per kg, while Chinese Sodium Hydrosulphite eased by Rs 3 to Rs 75 per kg. With the import booking rate of Citric Acid down from $ 1200 to $ 875 per tonne its prices in Delhi fell by Rs 100 to Rs 3200/3300 per 50 kg. According to marketmen, prices may ease further by Rs 50/100 per 50 kg in view of ample supplies and weak demand. Sodium Sulphate moved down by Rs 500 to Rs 11500 per tonne on easing rae material prices. Hydrogen peroxide and Zinc oxide also went down by Rs 4/5 to Rs 24/29 and Rs 85/105 per kg on lack of demand. Phosphoric acid fell from Rs 98 to Rs 80/85 per kg amid sustained supplies. Thiourea and chromic acid also sought lower margin with prices dipping by Rs 20/25 to Rs 210 and Rs 250 per kg. Polyvinyl Alcohol and Sodium Benzoate also ended negative on lack of demand.
SPICES & DRYFRUITS
The Delhi spices and dryfruit market observed mixed trends past week. Red chilli pala, packing and fulcut rose appreciably by Rs 500/1000 per quintal with prices reaching a new high of Rs 5800/6000, 6800/8500, 8000/9500 on heavy buying by stockists. According to marketmen, lower estimates of red chilli production in producing centres of Madhya Pradesh and Andhra Pradesh owing to deficient rains flared up prices by Rs 200/500 per quintal in the producing centres following tight stocks. Consequently, prices in Delhi were also quoting upward amid lower inventory, they said. Red chilli phatki also went up from Rs 2300 to Rs 2500 per quintal on buying support. Turmeric bold finger held strong at Rs 6200 per quintal. Gum Nigerian Talu and white edged up by Rs 10/20 to Rs 135/145 and Rs 279/290 per kg following hectic buying by stockists from Rajasthan, Haryana and Punjab with daily trading amounting to 500-600 bags. Gum Nigerian Sankh also held firm at Rs 400/425 per kg. Prices are expected to move further up by Rs 20/25 a kg in view of the tight stock position.