Edible oil prices plummet

Refined soy oil futures across NCDEX and MCX continued to be bearish on broad weakness in the global edible oil complex and on decreasing demand from the biodiesel sector due to weak crude oil prices.

Malaysian Palm oil markets were weighed down by reports of weak exports data for Jan 1-20 announced by two major cargo surveyors.

Cargo surveyor, Intertek Testing Services' said exports for Malaysian palm oil products for January 1-20 dropped 40.02 per cent to 567,583 tonnes from 946,210 tonnes.

Similarly, another cargo surveyor, Societe Generale de Surveillance said exports fell 35.8 per cent to 619,078 tonnes from 964,094 tonnes.

At midday’s close, the most active April crude palm oil on the Bursa Malaysia Derivatives Exchange dropped RM 133 to RM 3110 per tonne.

May soybean oil on the Dalian Commodity exchange dropped CNY 368 to CNY 10498 per tonne and Palm oil May contract decreased CNY 398 to CNY 9576.

NCDEX refined soy oil February contract opened at Rs 585.30, varied between Rs 585.30 and Rs 574.40 and was last quoted at Rs 578.75 per 10 kg, down by Rs 7.35 or 1.25% at 11:22 IST.

February refined soy oil futures on the MCX traded Rs 7.60 or 1.30 lower at Rs 578.40 per 10 kg.