November 9, 2009
India edible oil prices up on firm global cue, soymeal demand
Indian edible oil prices rose during the week ended Friday (November 6) tracking firm global prices and higher soymeal demand.
The fall in rapeseed area also supported prices, said a trader based in Indore, a major trading hub in the central state of Madhya Pradesh.
Rapeseed area fell to 3.1 million hectares by Nov. 5 from 3.8 million hectares last year, according to the government data.
The spillover effect from rising export demand for soymeal also boosted the sentiment, said an analyst with a Mumbai-based commodity brokerage.
India's soymeal exports during October more than doubled to 218,247 tonnes from 92,424 tonnes in the same month last year, according to the Soybean Processors Association of India.
The country exported soymeal to Vietnam, Japan, Thailand, Indonesia, Greece, China and Iran during the period.
Refined soyoil was quoted at INR44,200 (US$949.10) a tonne, up from INR43,000 (US$923.34)/tonne a week ago.
Refined, bleached and deodorized palm olein prices rose to INR35,800/tonne from INR35,500/tonne last week, while crude palm oil rose to INR32,200/tonne from INR31,800/tonne last week.
US$1 = INR46.57 (Nov 9)
