Boiling News & Veg Oils ,crude

Oilseeds increase gains on crude
27 Jun 2008 2:10 pm




Mumbai – Indian vegetable oilseed futures were trading sharply higher at noon supported by the strong gains in the global edible oil and energy markets. Reports that subdued rains in Maharashtra and Gujarat have delayed the sowing of soybean, groundnut, cotton in these states are also supporting speculative buying.



The Malaysian palm oil futures is trading higher tracking the current gains in US soy oil and crude oil. The US soy complex rallied overnight on inflation worries and concerns for US Midwest weather. The gains are continuing currently too with July soy oil and July soybean quoting up by 22 points and 10.50 cents on e-CBOT.



The energy markets are trading sharply up at above $ 141.20 a barrel currently, which has sparked off inflation-linked buying in all commodity markets. August crude oil at the New York Mercantile Exchange had risen sharply overnight and settled at $ 139.50 a barrel, up by $ 5.09 a barrel.



The Indian oilseed futures has increased gains with heavy fresh buying being noticed in response to the gains in the global edible oil and energy markets. The subdued rains and reports of delay in sowing of soybean in Maharashtra have decreased the selling interest, with stockists and farmers preferring to wait for a clear picture before further stock liquidation. However, sowing in Madhya Pradesh and Vidarbha region of Maharashtra is reported to be progressing normally.



Heavy rains have been reported in the earlier flood-affected areas of US Midwest, which has raised concerns of acreage losses amid threat that some fields may not dry out in time and achieve enough yield potential to entice farmers into planting at a late date. The new crop US soybean contracts had rallied to fresh contract highs overnight and are continuing to trade positively currently.



Meanwhile, India's inflation has risen to a fresh 13 year high of 11.42% in the week to June 14, after gaining 11.05 percent in the previous week. This has raised ideas among players that Reserve Bank of India may add to this month's two interest rate increases. However, it has been largely ignored by the oilseed markets.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] at 14.00 hours is trading higher at Rs. 2,715.50 [+ 57.00] per 100 kg with 96,440 tonnes traded. July soybean at National Board of Trade [NBOT] is up at Rs. 2,724.00 [+ 41.50] per 100 kg.



July CPO at Multi Commodity Exchange of India is trading higher at Rs. 515.10 [+ 5.10] per 10 kg with 7,150 tonnes traded.



Most active mustard seed August futures on NCDEX is trading higher at Rs. 686.85 [+ 9.30] per 20 kg with 1,04,730 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] is trading higher supported by the current rally in crude oil futures and gains in US soy oil. The benchmark September contract is trading higher at MYR 3,600.00 [+ 65.00] a tonne with 9,523 lots traded. [MYR=Malaysian Ringitt][1lot=25 ton

Mumbai edible oil prices - June 28
28 Jun 2008 10:26 am



Mumbai - Following are the prices of various edible oils at the Mumbai market as on 10.10 a.m. (IST). All prices are in Rs. per 10kg.Excluding Value added Tax (VAT) Variety/Day
27/06/08 28/06/08 Change
Sunflower oil Exp
680 680 -
oil Ref
730 732 +2
Groundnut oil
730 730 -
RBD Palmolein
572 578 +6
Cottonseed oil ref
654 668 +14
Mustard oil
695 700 +5
Ref Soy oil
665 672 +7
.................................................. .................................................. ...............
Mumbai edible oil prices - June 28
28 Jun 2008 10:26 am



Mumbai - Following are the prices of various edible oils at the Mumbai market as on 10.10 a.m. (IST). All prices are in Rs. per 10kg.Excluding Value added Tax (VAT) Variety/Day
27/06/08 28/06/08 Change
Sunflower oil Exp
680 680 -
oil Ref
730 732 +2
Groundnut oil
730 730 -
RBD Palmolein
572 578 +6
Cottonseed oil ref
654 668 +14
Mustard oil
695 700 +5
Ref Soy oil
665 672 +7
.................................................. .................................................. ..............
Mustard Seed NCDEX Sep
28 Jun 2008 8:39 am



The trend has turned up
Higher open interest and volume with positive candle is likely to keep the market up. The market has strong resistance level of Rs 691.25. Closing above Rs 691.25 the market is expected to test higher range of Rs 707 at least.

MACD histogram turned down into negative zone but reverting back into positive side one can expect the market to move high.

Enter fresh long above Rs 688.5 with stop loss below Rs 681. Cover all long position at Rs 691.25 and re enter long above Rs 691.25 with stop loss below Rs 685.

Yesterday's Close
685.60

1 day back Close
677.55

% Gains/Loss Yesterday
1.19

Trend


Daily Closing Reversal Point
678.00

Up Trend Date
26-Jun-08

Up Trend Price
677.55

Current Gain/Loss
0.00

% Gains/Loss
0.00%

Open Interest
108790.00

Previous Days
103010.00

% Increase/Decrease in OI
5.31

Highest Open Interest of Contract
108790.00

Volumes
81750

Previous Days Volume
63790

% Increase/Decrease in Volumes
21.97

Highest Volume of the Contract
85750




INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

685.6
678.0
677.0
681.3
684.9
689.2
692.8
.................................................. .................................................. .................
Soya bean NCDEX Aug
28 Jun 2008 8:35 am



The trend is up
The market in the last session witnessed breakout and closed above the previous higher level of Rs 2690. The market is expected to proceed towards Rs 2755.

MACD histogram turned up into positive zone and sustaining into this zone the market is expected to witness up sides move.

As the trend is up therefore enter fresh long above Rs 2728 with stop loss below 2705

Yesterday's Close
2725.50

1 day back Close
2658.50

% Gains/Loss Yesterday
2.46

Trend


Daily Closing Reversal Point
2619.00

Up Trend Date
6-Jun-08

Up Trend Price
2435.50

Current Gain/Loss
290.00

% Gains/Loss
11.91%

Open Interest
45330.00

Previous Days
48050.00

% Increase/Decrease in OI
-6.00

Highest Open Interest of Contract
51590.00

Volumes
48580

Previous Days Volume
32030

% Increase/Decrease in Volumes
34.07

Highest Volume of the Contract
48580





INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

2725.5
2619.0
2656.0
2691.0
2709.5
2744.0
2762.5
.................................................. .................................................. .................. Castor Seed NCDEX Aug
28 Jun 2008 8:51 am



The trend is up
A breakout has been witnessed in the market but it could not sustain at higher level and closed lower.

MACD histogram remains in the positive territory and sustaining this zone one can expect the market to move up.

Cover all long at higher level of Rs 585.

Enter fresh long above Rs 586.5 with stop loss below Rs 581

Yesterday's Close
581.10

1 day back Close
581.80

% Gains/Loss Yesterday
-0.12

Trend


Daily Closing Reversal Point
570.00

Up Trend Date
7-Jun-08

Up Trend Price
542.00

Current Gain/Loss
39.10

% Gains/Loss
7.21%

Open Interest
1000.00

Previous Days
1000.00

% Increase/Decrease in OI
0.00

Highest Open Interest of Contract
1240.00

Volumes
460

Previous Days Volume
1020

% Increase/Decrease in Volumes
-121.74

Highest Volume of the Contract
1020




INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

581.1
570.0
576.0
578.6
582.5
585.0
589.0

State sales won't lower edible oil prices in India
30 Jun 2008 4:23 pm

Mumbai - India's plan to sell subsidized edible oils to lower income households from July 1 is unlikely to bring down prices in the local markets as supply continues to remain tight, market participants said.

With the new domestic soybean crop unlikely to reach the market before late October and the festival season fast approaching, and the festival season only a couple of months away, high domestic prices will ensure imports by the private sector will continue to be strong, they said.

The government plans to distribute 1 million metric tons of imported edible oils at a subsidy of Rs 15/kg to lower income households in a bid to improve supply and curtail rising prices of edible oils.

Four state-run companies - PEC Ltd, MMTC Ltd, State Trading Corp and National Agricultural Cooperative Marketing Federation - have contracted to import 179,000 tons of edible oils as of June 20, the government said in a statement.

However, many traders feel the quantity contracted is too low to ensure sufficient availability in the market or bring down prices in the open market.

"The government may sell a maximum of 80,000 tons of edible oils a month, compared to the average monthly consumption of 400,000 tons. Hence, the impact of any subsidized sales will be minimal," said Ramesh Malpani, a trader from the major soybean growing province of Madhya Pradesh.

"Much will depend on the quantum and momentum of the edible oil sales. However, as most of the imported quantity has been factored in, these sales are unlikely to have any major impact on prices," said Rajesh Agarwal, spokesman for the Soybean Processors Association of India.

He said current supply in the domestic market is so tight that the market will be able to absorb fresh supply without pressuring prices.

"The impact of these sales will mostly be confined to the (temporary) reduction in purchases by private importers and not so much on prices as the rates are also governed by international factors," said Sandeep Bajoria, chief executive of Mumbai-based Sunvin Group.

Moreover, demand from private importers will revive after a couple of weeks as buyers rush in to stock up for the festival season, traders said.

Most of the plants in Madhya Pradesh have been shut because of low availability of soybean for crushing and will resume operations only when the new crop arrives in the market, said Prakash Manchare, another trader from Madhya Pradesh.

"Looking at the current shortfall in oil supplies, many buyers have entered into forward contracts to ensure supply during the festival season that will start in August," Manchare said.

India's inflation rose to a more than 13-year high of 11.42% in the week ended June 14, as a recent fuel price increase worked its way into the system and pushed up prices of foods and manufactured products.

High inflation in the last couple of months had prompted the government to introduce a slew of fiscal measures to curb price rises. It scrapped import tariffs on crude edible oils and cut tariffs on refined edible oils to 7.5%.

Firm Overseas Markets To Support Prices

In addition to supply concerns in the local market, floods in the US Midwest region are likely to provide further upward momentum to prices, traders said.

"Weather problems in the US are driving the current rally in edible oil prices, and there doesn't seem much relief in sight for prices in the next few months," said Agarwal of SOPA.

August soyoil on the Chicago Board of Trade had risen more than 7% in the last one month alone on adverse weather in the major soybean growing areas of US.

With the festival season in India commencing in August, demand is expected to be robust, maintaining the uptrend in prices.

As for crude palm oil prices, high petroleum prices will continue to support the market in the coming weeks, traders said.

Crude oil hit a new record of USD142.94 per barrel earlier in the day as a weak dollar continued to push investors to alternatives such as commodities.

Prices of edible oils in the local market are directly impacted by international trends as the country imports nearly half of the oil that is consumed annually.

India buys soyoil from Argentina and Brazil and palm oil from Malaysia and Indonesia.

Although oilseed sowing this year is projected to be up from the previous year because of high prices, the lack of adequate rains last week might delay the arrival of new soybean crop, traders said.

"In Madhya Pradesh, soybean sowing has been lagging due to inadequate rainfall. Only around 30%-40% has been sown as of now," said Malpani.

According to latest government data, countrywide sowing of soybean, the main oilseed grown in the country, was completed in 811,000 hectares so far, compared with 996,000 hectares at the same time last year.

Late planting could delay the arrival of the new crop into the market by as much as two to three weeks and prolong the supply tightness, he said.

However, overall production is unlikely to be affected as sowing will continue till July 10, Malpani added.

A sharp rise in area under groundnut cultivation will also ensure good production of oilseeds this year. As of Friday, groundnut was sown in 904,000 hectares, up from 506,000 hectares.
.................................................. .................................................. ..................
State sales won't lower edible oil prices in India
30 Jun 2008 4:23 pm

Mumbai - India's plan to sell subsidized edible oils to lower income households from July 1 is unlikely to bring down prices in the local markets as supply continues to remain tight, market participants said.

With the new domestic soybean crop unlikely to reach the market before late October and the festival season fast approaching, and the festival season only a couple of months away, high domestic prices will ensure imports by the private sector will continue to be strong, they said.

The government plans to distribute 1 million metric tons of imported edible oils at a subsidy of Rs 15/kg to lower income households in a bid to improve supply and curtail rising prices of edible oils.

Four state-run companies - PEC Ltd, MMTC Ltd, State Trading Corp and National Agricultural Cooperative Marketing Federation - have contracted to import 179,000 tons of edible oils as of June 20, the government said in a statement.

However, many traders feel the quantity contracted is too low to ensure sufficient availability in the market or bring down prices in the open market.

"The government may sell a maximum of 80,000 tons of edible oils a month, compared to the average monthly consumption of 400,000 tons. Hence, the impact of any subsidized sales will be minimal," said Ramesh Malpani, a trader from the major soybean growing province of Madhya Pradesh.

"Much will depend on the quantum and momentum of the edible oil sales. However, as most of the imported quantity has been factored in, these sales are unlikely to have any major impact on prices," said Rajesh Agarwal, spokesman for the Soybean Processors Association of India.

He said current supply in the domestic market is so tight that the market will be able to absorb fresh supply without pressuring prices.

"The impact of these sales will mostly be confined to the (temporary) reduction in purchases by private importers and not so much on prices as the rates are also governed by international factors," said Sandeep Bajoria, chief executive of Mumbai-based Sunvin Group.

Moreover, demand from private importers will revive after a couple of weeks as buyers rush in to stock up for the festival season, traders said.

Most of the plants in Madhya Pradesh have been shut because of low availability of soybean for crushing and will resume operations only when the new crop arrives in the market, said Prakash Manchare, another trader from Madhya Pradesh.

"Looking at the current shortfall in oil supplies, many buyers have entered into forward contracts to ensure supply during the festival season that will start in August," Manchare said.

India's inflation rose to a more than 13-year high of 11.42% in the week ended June 14, as a recent fuel price increase worked its way into the system and pushed up prices of foods and manufactured products.

High inflation in the last couple of months had prompted the government to introduce a slew of fiscal measures to curb price rises. It scrapped import tariffs on crude edible oils and cut tariffs on refined edible oils to 7.5%.

Firm Overseas Markets To Support Prices

In addition to supply concerns in the local market, floods in the US Midwest region are likely to provide further upward momentum to prices, traders said.

"Weather problems in the US are driving the current rally in edible oil prices, and there doesn't seem much relief in sight for prices in the next few months," said Agarwal of SOPA.

August soyoil on the Chicago Board of Trade had risen more than 7% in the last one month alone on adverse weather in the major soybean growing areas of US.

With the festival season in India commencing in August, demand is expected to be robust, maintaining the uptrend in prices.

As for crude palm oil prices, high petroleum prices will continue to support the market in the coming weeks, traders said.

Crude oil hit a new record of USD142.94 per barrel earlier in the day as a weak dollar continued to push investors to alternatives such as commodities.

Prices of edible oils in the local market are directly impacted by international trends as the country imports nearly half of the oil that is consumed annually.

India buys soyoil from Argentina and Brazil and palm oil from Malaysia and Indonesia.

Although oilseed sowing this year is projected to be up from the previous year because of high prices, the lack of adequate rains last week might delay the arrival of new soybean crop, traders said.

"In Madhya Pradesh, soybean sowing has been lagging due to inadequate rainfall. Only around 30%-40% has been sown as of now," said Malpani.

According to latest government data, countrywide sowing of soybean, the main oilseed grown in the country, was completed in 811,000 hectares so far, compared with 996,000 hectares at the same time last year.

Late planting could delay the arrival of the new crop into the market by as much as two to three weeks and prolong the supply tightness, he said.

However, overall production is unlikely to be affected as sowing will continue till July 10, Malpani added.

A sharp rise in area under groundnut cultivation will also ensure good production of oilseeds this year. As of Friday, groundnut was sown in 904,000 hectares, up from 506,000 hectares
.................................................. .................................................. ...................

Oilseeds trade up on dull rains
30 Jun 2008 10:49 am

Mumbai – Indian vegetable oilseed futures were trading higher supported by gains in the global edible oil and crude oil markets and concerns over subdued rainfall in major oilseed production tracts.



The Malaysian palm oil futures has ended the morning session marginally higher recovering from initial losses. The US soy complex had closed mixed with new-crop contracts settling down ahead of Monday’s US Department of Agriculture’s stock and acreage report. However, it is trading higher currently with July soy oil and July soybean quoting up by points and cents on e-CBOT.



Energy markets are trading higher with prices pushing forward to the record $ 142.99 a barrel set on Friday. The August contract at New York Mercantile Exchange is currently quoting at $ 141.55 a barrel.



The Indian oilseed futures is trading higher supported by the gains in the global edible oil and crude oil markets. Crude oil has been trading higher for three successive sessions with prices well above the $ 140 a barrel level, pushing global edible oil markets also forward on anticipation of increased use of edible oils for bio-fuel purposes.



The domestic markets are also seeing speculative buying due to the subdued rains in major production tracts and delay in sowing of soybean. The subdued rainfall activity in Madhya Maharashtra, Marathwada and Gujarat is worrying the edible oil industry. The situation in Maharashtra is the most worrying with the sowing of soybean, definitely lagging. Normally, khariff sowing in Maharashtra is undertaken till the first week of July and all players are waiting for the situation to improve in this week.



The lack of heavy rains and gap between showers in Madhya Pradesh is also a cause of worry as players feel it would affect proper growth of the freshly sown soybean plants. However, sowing is continuing at a quick pace in Madhya Pradesh, the largest producer of soybean in India.



Weather Watch report released by the Ministry of Agriculture on Friday has estimated that 8.11 lakh hectares was covered under soybean as on 27th June against 9.96 lakh hectares covered at same time last year and 1.03 lakh hectares covered in the previous week. The acreage covered in Madhya Pradesh and Maharashtra were 5 and 1.3 lakh hectares respectively, against last year’s 7.27 and 1.45 lakh hectares



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.40 hours is trading higher at Rs. 2,734.00 [+ 16.00] per 100 kg with 16,790 tonnes traded. July soybean at National Board of Trade [NBOT] is up at Rs. 2,748.00 [+ 17.00] per 100 kg.



July CPO at Multi Commodity Exchange of India is trading lower at Rs. 516.00 [+ 0.40] per 10 kg with 570 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session tad up, recovering from the initial losses, supported by the current gains in US soy oil, crude oil. Malaysia’s June 1-30 palm oil exports is down, but is at par with the exports. Malaysia’s June 1-30 palm exports have fallen 10% on month to 1.09 million tonnes, according to cargo surveyor, Intertek Agri Services.



The benchmark September contract has ended the morning session up at MYR 3,625.00 [+ 2.00] a tonne. [MYR=Malaysian Ringitt]



The US soy complex has closed mixed on Friday, with old-crop futures firm on tight supplies, while new-crop contracts retreated on pre-weekend and crop-report position evening. Analyst are predicting that US Department of Agriculture on Monday in its report would indicate a modest decrease from its March estimate of 2008 US soy acreage amid a sharp drawdown in stocks.



July soybeans settled 7 1/4 cents higher at $15.81 1/2 and November soybeans ended 2 cents lower at $15.59 1/2. December soymeal settled $4.00 higher at $409.70 per short ton. December soy oil finished 10 points lower at 67.36 cents per pound.



MUSTARD SEED



Mustard seed futures is trading higher supported by the gains in domestic soy complex, global edible oil and crude oil markets. The delay in sowing progress and strong underlying demand in the cash market, due to low stocks of edible oilseeds and tight supply situation of oils is also supporting the gains.



Most active mustard seed August futures on NCDEX is trading higher at Rs. 687.50 [+ 1.35] per 20 kg with 14,350 tonnes traded.



The regional markets are up with August contract at Sirsa and Hapur quoting at Rs. 573.60 [+ 0.10] and Rs. 626.20 [+ 0.60] per 20 kg respectively.



CASTOR SEED



Castor seed futures is trading down with profit-booking of the recent sharp rally being seen on reports of showers in castor production tracts of Andhra Pradesh. Gujarat has also seen slight showers over the week-end, which too has added to the speculative selling. However, the sentiments are still bullish as the new crop arrival would be delayed due to the late sowing in Andhra Pradesh.



Castor seed August contract at NCDEX is trading lower at Rs. 580.00 [- 1.80] per 20 kg with 50 tonnes traded.
.................................................. .................................................. ................... Spot Soya oil prices - June 30
30 Jun 2008 1:02 pm



Mumbai - Following are soy oil prices of various markets in India at morning session. Prices are in Rs. per 10kg, Excluding Value added Tax (VAT).*indicate all paid rates.

Soy oil 30/06/08 2806/08
Min Max Min Max
Mumbai 675 676 672 673
Indore 677 678 677 678
*Akola 699 700 700 701
Alwar 700 701 701 702
*Amravati 698 699 700 701
Bharatpur 700 701 701 702
Bundi 694 695 695 696
Chennai 682 683 683 684
*Kolkata 715 716 715 709
Hyderabad 690 691 685 686
*Jalana 697 698 697 698
Kakinada 675 676 675 676
Kandla 675 676 670 671
*Kanpur 710 711 710 711
*Latur 694 695 693 694
Manglore 678 679 678 679
*Nagpur 710 711 710 711
*Nandad 693 694 691 692
Rajkot 655 660 655 660
*Solapur 695 696 695 696
.................................................. .................................................. ..................
Mustard Oil 30/06/08 28/06/08
Min Max Min Max
Mumbai 700 701 700 701
Alwar 670 671 685 690
Bharatpur 670 671 685 690
Bikaner 675 676 670 675
Bundi 665 666 680 681
Charkhi Dadri 692 693 695 696
*Delhi 702 703 705 706
Haldiya port 765 766 765 766
Jaipur 685 686 679 680
Kanpur 715 720 710 711
Kota 680 681 674 675
Ludhiyana 690 691 688 689
Sriganganagar 685 686 682 683
.................................................. .................................................. ...................
Spot Groundnut oil prices - June 30
30 Jun 2008 12:56 pm

Mumbai - Following are groundnut oil prices of various markets in India at morning session. All prices are in Rs. per 10kg, Excluding Value added Tax (VAT).

Groundnut oil 30/06/08 28/06/08
Min Max Min Max
Mumbai 740 741 730 731
Rajkot 700 710 700 710
Hyderabad 710 711 710 711
Ahemdabad 715 716 705 710
Chennai 670 671 675 676
Kurnool 710 711 705 706
Narsarropeth 710 711 705 706
Prodattour 700 701 695 696
Bikaner 675 676 672 675

India's energy exchange begins
29 Jun 2008

Mumbai - Indian Energy Exchange Ltd, the country's first power exchange, began operations Friday receiving bids for 13,176 megawatt hours of power, the exchange said in a statement.

The power was transacted in the range of Rs 6.46/KWh and Rs 8.01/KWh and will be delivered June 28 because the exchange currently is trading a day ahead, the release said.

Indian Energy Exchange is promoted by Financial Technologies (India) Ltd (526881.BY), which is also the promoter of India's largest commodity exchange - the Multi Commodity Exchange - and PTC India Ltd.

Nymex crude breaches USD143/bbl
30 Jun 2008 10:15 am

New York - Crude oil futures reached over USD143 on Thursday for the first time as the dollar weakened and rhetoric from Libya sparked supply fears.

Light, sweet crude for August delivery settled USD5.09, or 3.8 per cent, higher at USD140.64 a barrel on the New York Mercantile Exchange. Futures hit an all-time intraday record high of USD140.39 in an electronic session following the close of floor trading.

Settlement prices for Brent crude on the ICE futures exchange were unavailable.

Like many similar moves before it, Thursday's surge in oil prices used ambivalence over the Federal Reserve's future actions and a weakening dollar as a launching pad.

While equity and credit markets have languished, oil futures are up 45 per cent so far this year and more than double what they were a year ago. Crude oil's ascent Thursday was accompanied by precious metals such as gold, which were also rising on the perception that the Fed isn't as eager to raise interest rates as was earlier believed.

After selling off on Wednesday following data showing an unexpected increase in U.S. inventories, oil futures regained strength as the euro hit a three-week high against the dollar.

Crude also got a leg up after Libya threatened an output cut. Shokri Ghanem, chief of Libya's national oil company, reiterated his Sunday comments that Libya "sees a possibility for a decrease in production," according to Bloomberg News.

Libya, a member of the Organization of Petroleum Exporting Countries whose current crude oil output is around 1.8 million barrels a day, considers that the oil market is saturated.

Christopher Mennis, president of New Wave Energy, an energy brokerage based in Aptos, Calif., downplayed the remarks, saying any price moves based on them were an overreaction.

"It was a puff comment, the Libyans aren't going to cut production," he said.

Libya's comments come days after Saudi Arabia, the world's largest oil exporter and de-facto leader of OPEC, said it would boost output as well as its oil production capacity.

"The market really needs that oil," said Kevin Norrish, head of commodities research at Barclays Capital. "The extra oil can fairly comfortably be absorbed (by refiners). The market remains vulnerable to supply shocks."

OPEC isn't considering a group move to drop production, a delegate from the group told Dow Jones Newswires.

"We will discuss (any change in output) in September at the next meeting," the delegate said.

While some analysts say Saudi Arabia's output boost may cause friction in OPEC, other members of the cartel are unlikely to cut production.

"They're loving these high prices and they're not going to give up a drop," said Mennis.

Front-month July reformulated-gasoline blendstock settled 11.72 cents higher, or 3.5 per cent, at USD3.5113 a gallon. July heating oil settled 13.42 cents higher, or 3.6 per cent, at USD3.8834 a gallon.

OPEC rejects India`s call for oil price band

Madrid, June 30: Oil cartel OPEC on Monday rejected India's call for regulating crude prices through a price band, saying the market was the best judge and forecast prices climbing to USD 170 a barrel on summer demand in the US.

"Producing and consuming nations never agree on any price... They never agreed with (OPEC) price band (that operated between 2000 and 2005). Then we did away with the price band... We are never going to agree (on the price band)," OPEC president Chakib Khelil told reporters on the sidelines of the World Petroleum Congress here.

Stung by high oil prices driving inflation to 13-year high of 11.42 percent, Finance Minister P Chidambaram had, at a meeting of energy ministers in Jeddah last week, asked the Organisation of Petroleum Exporting Countries (OPEC) to operationalise a price band mechanism wherein crude prices move within a specified range.

The speculative premium has been put by New Delhi at USD 60 a barrel. Khelil, however, said: "We (should) let the oil market decide."

India has blamed speculators for the rise in crude prices that have touched an all time high of USD 142.99 a barrel, but western oil firms pinned it on demand-supply mismatch.

"I don't think you can blame the speculators for the high oil price," Jeroen van der Veer, chief executive officer of Europe's biggest oil producer Royal Dutch Shell Plc, said at the 19th WPC.

While maintaining that there was more than enough oil to meet global demand, Khelil said the pressure on Iran, the second-largest producer in the cartel, as well as a falling dollar may drive prices to USD 170 a barrel.

OPEC can`t do much to cool oil prices: Iran

Madrid, July 01: Iran, the world's second largest oil exporter, on Tuesday said it was "not happy" with the spurt in oil prices to a record high of USD 142 a barrel but said the cartel OPEC could not do much to cool the rates.

"Even we as (oil) producers are not happy with the (current) prices," Iran Oil Minister Gholam-Hossein Nozari said on the sidelines of the 19th World Petroleum Congress here.

Blaming the volatility in global crude prices to the weakening of US dollar against euro, he said the rise in demand in China and India had nothing to do with the spurt in prices.

"We have never said that the rise in demand in China and India is causing rise in prices. We do not subscribe to that," he said. "I have always insisted that the spectacular rise is due to devaluation of dollar."

Besides, speculators have added to the rise, he said but could not quantify as what amount of the current prices had been a result of pure speculation.

"The market is well supplied," Nozari said. "To a large extent, the increase in price is due to the weakening of the dollar."

The OPEC's second largest oil exporter did not see prices cooling down in near future. "May be it may rise further (than OPEC president Chakib Khelils prediction at USD 170 a barrel this summer)."

"OPEC can't do much about it (rising prices)," he said. Meanwhile, Khalil addressing the WPC today said OPEC was concerned that future demand for oil might not be strong enough to justify investment to boost oil production.

China's June commodities futures trading volume up 77pc
2 Jul 2008 10:15 am

Shanghai - China's commodities futures trading volume rose by 77 per cent on year in June to 87.00 million lots, the China Futures Association said.

Total volume on the Dalian Commodity Exchange, where soybean, soymeal, soyoil, corn, palm oil and linear low-density polyethylene futures are traded, was up 66 per cent on year to 35.20 million lots in June.

Trade in non-genetically modified soybean futures and soymeal futures rose 139 per cent and 91 per cent from a year earlier, respectively, to 10.54 million lots and 9.73 million lots.

One lot equals 10 metric tons on the exchange, except for linear low-density polyethylene futures, where one lot equals five tons.

On the Zhengzhou Commodity Exchange, where cotton, rapeseed oil, wheat, sugar and purified terephthalic acid futures are traded, trading volume jumped to 30.62 million lots in June from 11.55 million lots a year earlier.

The turnover of sugar futures rose nearly five times on year to 18.96 million lots.

One lot equals five tons on the Zhengzhou Commodity Exchange, except for wheat and sugar futures, where one lot equals 10 tons.

On the Shanghai Futures Exchange, where copper, aluminum, zinc, gold, natural rubber and fuel oil futures are traded, turnover rose 29 per cent on year to 21.17 million lots.

Zinc futures and fuel oil futures led the gains, up 213 per cent and 58 per cent on year, respectively, to 4.24 million lots and 2.57 million lots.

One lot is equivalent to five tons on the exchange, except for fuel oil futures, where one lot equals 10 tons, and gold futures, where one lot is equivalent to 1 kilogram.
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Spot Soya oil prices - July 02
2 Jul 2008 1:24 pm



Mumbai - Following are soy oil prices of various markets in India at morning session. Prices are in Rs. per 10kg, Excluding Value added Tax (VAT).*indicate all paid rates. Soy oil 02/07/08 30/06/08
Min Max Min Max
Mumbai 680 681 675 676
Indore 675 676 677 678
*Akola 700 701 699 700
Alwar 698 699 700 701
*Amravati 700 700 698 699
Bharatpur 698 699 700 701
Bundi 690 691 694 695
Chennai 685 686 682 683
*Kolkata 715 716 715 716
Hyderabad 685 686 690 691
*Jalana 698 699 697 698
Kakinada 685 686 675 676
Kandla 675 676 675 676
*Kanpur 710 711 710 711
*Latur 699 700 694 695
Manglore 680 681 678 679
*Nagpur 708 709 710 711
*Nandad 698 699 693 694
Rajkot 655 660 655 660
*Solapur 700 701 695 696

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Spot Groundnut oil prices - July 02
2 Jul 2008 1:21 pm

Mumbai - Following are groundnut oil prices of various markets in India at morning session. All prices are in Rs. per 10kg, Excluding Value added Tax (VAT). Groundnut oil 02/07/08 30/06/08
Min Max Min Max
Mumbai 740 741 740 741
Rajkot 700 705 700 710
Hyderabad 725 726 710 711
Ahemdabad 710 711 715 716
Chennai 680 681 670 671
Kurnool 708 709 710 711
Narsarropeth 710 711 710 711
Prodattour 703 704 700 701
Bikaner 670 675 675 676
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Maharashtra soybean plant rates - July 02
2 Jul 2008 1:40 pm

Mumbai - Following are the rates offered by soybean plants in Maharashtra today.

Plant
Place
Rates

Kirti
Krishnur
2810

Kirti
Solapur
2760

Kirti
Latur
2815

Tina
Latur
2790

Srinivasa
Nanded
2770

Kohinoor
Nanded
2770

Saismaran
Nanded
2770

New Mah
Dhulia
2850

Disan
Dhulia
2855

Sanjay soya
Dhulia
2850

Radhakrishna
Sangli
2875

Chakan
Sangli
2850

Bhakti exp
Jalna
2860

Shivparvati
Hingoli
2760

Siddharth
Akola
2770

Bhaskar
Amravati
2725

kargil
Nagpur
2740

Shamkala
Bhandara
2750

Tanya
Nagpur
2760
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Madhya Pradesh soybean plant rates - July 02
2 Jul 2008 1:41 pm

Mumbai - Following are the rates offered by soybean plants in Maharashtra today.

Plant
Place
Rates

Laxmi solvex
Dewas
2750

Divya Jyoti
Narsinghpur
2730

Kirti
Dewas
2720

Ruchi Soya
Indore
2750

Prestige
Indore
2740

Adani
narsing
2710

Kargil
Indore
2750

Kastra/kirti
Dewas
2720

Gujarat Ambuja
Pritampur
2715

Khetan
Ratlam
2740

Dhanlaxmi
Shajapur
2725

Oil prices rise to record high above $144
Wednesday July 2, 4:59 pm ET
Oil prices advance to new high above $144 after report shows supplies fell more than expected

NEW YORK (AP) -- Oil prices shot to a new record above $144 a barrel Wednesday as the government reported a bigger-than-expected drop in U.S. supplies and the threat of conflict with Iran weighed on traders' minds.
The latest spike means a barrel of crude has gone up by about half since the end of last year, when oil was going for $96 a barrel. Retail gasoline prices climbed to a record of their own in the U.S.

Light, sweet crude for August delivery rose as high as $144.32 on the New York Mercantile Exchange shortly after the regular trading session ended. The contract also notched a new closing record, settling at $143.57 -- a full $2.60 above the previous high from a day earlier.

Oil first traded above $100 a barrel in January. It hit the previous trading high of $143.67 Monday.

The Energy Department's Energy Information Administration said crude oil supplies fell by 2 million barrels last week, or about 800,000 barrels more than analysts surveyed by the energy research firm Platts predicted.

However, the report offered a mixed picture of energy use by the world's thirstiest oil consumer. Gasoline supplies unexpectedly grew by a considerable amount, and demand continued to slide -- suggesting that record fuel prices are prompting a real shift in Americans' driving habits.

Even so, gas prices continue to rise along with the soaring cost of oil. Prices at the pump jumped half a penny to a new national record of $4.092 a gallon on average, according to AAA, the Oil Price Information Service and Wright Express.

The inventory report was only one factor in Wednesday's rally, which came a day before investors left for a three-day weekend. U.S. oil markets are closed Friday for July 4th.

"It's a combination of things," Phil Flynn, analyst at Alaron Trading Corp. in Chicago, said of the run-up. "People are buying oil because they're worried about tight supplies, the weak dollar, war breaking out in Iran. It doesn't look like any of this stuff is going to settle down any time soon."

Ongoing rhetoric about possible attacks on Iran, the world's fourth-largest oil producer and OPEC's second-largest exporter, left the market jittery.

Traders are worried Tehran could try to halt shipments and seize control of the strategically important Strait of Hormuz if attacked by Israel or the United States. About 40 percent of the world's tanker traffic passes through the Middle Eastern choke-point.

Iran's oil minister warned Wednesday that an attack on his country would provoke a fierce response, but said Tehran would not cut oil deliveries and would continue supplying the market even if struck.

In New York, however, Iran's foreign minister did not rule the possibility that Iran could try to restrict oil traffic in the strait if the country was attacked.

"In Iran we must defend our national security, our country and our revolutionary system and we will continue to do so," Foreign Minister Manouchehr Mottaki said in an interview with The Associated Press.

Mottaki said he does not believe Israel or the United States will attack, however, calling the prospect of another war in the Middle East "craziness."

A senior U.S. military commander vowed to ensure that the strait remains open.

"We will not allow Iran to close it," Vice Adm. Kevin Cosgriff, commander of the 5th Fleet, told reporters after talks with naval commanders of Persian Gulf countries in the United Arab Emirates capital of Abu Dhabi. The 5th Fleet is based in Bahrain, across the Gulf from Iran.

The saber-rattling has left energy traders on edge as they try to ascertain the likelihood of a Middle East flare-up and the effect it could have on the world's already tight supply of oil.

"When you start hearing these type of stories as an oil trader, it's hard to dismiss them," Flynn said.

Antoine Halff, an analyst at Newedge USA LLC, said that even "the worst case scenario of military strikes against Iran" might disrupt energy supplies less than the market fears.

"In the meantime, though, market perceptions of Iranian supply risks are likely to keep rising over the next few months and cause knee-jerk price flare-ups in response to ostensibly bullish headlines," he said in a research note.

Separately, the Nymex said it was raising the margins on crude oil and related futures contracts, effectively requiring traders to post a larger amount of money to trade the commodity.

Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, said the increases were routine for the exchange, and are typically meant to account for increased prices and volatility in the market.

In other Nymex trading, heating oil futures rose 12.8 cents to settle at $4.0715 a gallon, while gasoline futures rose 3.6 cents to settle at $3.5494 a gallon. Natural gas futures fell 11.6 cents to finish at $13.389 per 1,000 cubic feet.

In London, Brent crude futures rose $3.59 to settle at $144.26 on the ICE Futures exchange.

Oilseeds tad down on global cues
3 Jul 2008 10:51 am

Mumbai – Indian vegetable oilseed futures were trading marginally lower on account of the heavy losses in the US soy complex in electronic trading. The revival of rains and quick sowing progress in khariff oilseeds are also supporting the selling. However, the overnight sharp gains in US soy oil, crude oil and ongoing strike by truckers are limiting the losses.



The Malaysian palm oil futures has ended the morning session down affected by the current losses in US soy oil and bearish palm oil fundamentals. The US soy complex rallied overnight on weather concerns, tight supply and surge in crude oil. However, currently the complex is trading sharply down with August soy oil and August soybean quoting down by 144 points and 20 cents on e-CBOT.



The energy markets rallied overnight, with August crude oil at the New York Mercantile Exchange touching a new all-time high of $ 144.32 a barrel before settling at a record $ 143.57 a barrel. The market is up currently too, with August contract quoting at $ 144.30 a barrel.



The Indian oilseed futures are trading lower affected by the current losses in US soy complex, palm oil futures and the quick sowing progress of khariff oilseeds in India. However, the losses are getting limited due to the ongoing strike by truckers, overnight gains in US soy complex, crude oil, current supply tightness in the domestic markets and weakness in the Indian Rupee.



The weather is positive for sowing and good growth of sown oilseeds in most of the major production tracts in Madhya Pradesh, Maharashtra and Gujarat. While, good rains have been reported yesterday in Madhya Maharashtra, Vidarbha and Gujarat, scattered rains have been reported in Maharashtra. The Indian Meteorological Department has forecasted heavy rains in Madhya Pradesh, Maharashtra and Gujarat today too. Among, the major soy, groundnut producing tracts only certain regions of Marathwada are still facing shortage of good showers.



Indian truckers have started an indefinite strike from Wednesday, which can affect the movement of oilseeds, oils and oilmeal. Fears of supply being cut due to lack of transportation are resulting in reduced stock liquidation in the markets, which is limiting the losses in the Indian markets.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.40 hours is trading lower at Rs. 2,741.00 [- 9.50] per 100 kg with 17,120 tonnes traded. July soybean at National Board of Trade [NBOT] is down at Rs. 2,752.50 [- 7.50] per 100 kg.



August CPO at Multi Commodity Exchange of India is trading lower at Rs. 517.40 [- 1.00] per 10 kg with 360 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session down affected by the heavy losses in US soy oil in electronic trading. The bearish palm oil fundamentals of seasonal high production, dull exports and record-high stocks are also affecting the sentiments. However, the overnight gains in US soy oil and crude oil are limiting the losses.



The benchmark September contract has ended the session lower at MYR 3,595.00 [- 21.00] a tonne with 3,467 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex made sharp gains on Wednesday too with soybean settling at a new all-time high on tight supply outlooks, technical buying and weather concerns for the 2008 soy crop. The sharp gains in crude oil and weakness in the US Dollar were also supportive. Meanwhile, signs that Argentina’s Congress would support the soy export tax too were supportive as it could lead to extension of the farmers’ conflict.



July soybeans settled 17 3/4 cents higher at $16.45 3/4 and November soybeans ended 20 cents higher at $16.30. Earlier, the nearby July future set a new intra-day high of $16.49 3/4 in electronic trading. December soymeal settled $8.30 higher at $427.50 per short ton. December soy oil finished 107 points higher at 69.45 cents per pound.



MUSTARD SEED



Mustard seed futures is trading tad down driven by the losses in domestic soybean and global edible oil markets. The favourable weather for khariff sowing and bright prospects for a bumper khariff oilseed production are also weighing on the market sentiments. However, short covering of yesterday’s late heavy selling is being seen, which is limiting the losses. The ongoing strike by truckers and good demand amid supply tightness are also positive for the market.



Most active mustard seed August futures on NCDEX is trading lower at Rs. 680.30 [- 0.75] per 20 kg with 16,110 tonnes traded.



The regional markets are down with August contract at Sirsa and Hapur quoting at Rs. 572.00 [- 0.90] and Rs. 625.50 [- 0.30] per 20 kg respectively.



CASTOR SEED



Castor seed futures is trading higher in thin trading, driven by the almost nil sowing of castor seed in Andhra Pradesh and the depreciation of the Rupee to above 43 levels. The sowing of castor seed in Andhra Pradesh is already late by a month and with no major rains being reported, it is not clear when the sowing would be undertaken.



Castor seed August contract at NCDEX is trading higher at Rs. 587.20 [+ 0.70] per 20 kg with 30 tonnes traded.
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,, Mumbai edible oil prices - July 03
3 Jul 2008 10:16 am

Mumbai - Following are the prices of various edible oils at the Mumbai market as on 10.10 a.m. (IST). All prices are in Rs. per 10kg.Excluding Value added Tax (VAT) Variety/Day
02/07/08 03/07/08 Change
Sunflower oil Exp
675 675 -
oil Ref
725 730 +5
Groundnut oil
740 740 -
RBD Palmolein
583 584 +1
Cottonseed oil ref
673 673 -
Mustard oil
697 697 -
Ref Soy oil
673 680 +7

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Soya bean NCDEX Aug
3 Jul 2008 6:49 am

The trend is up

The Market in the last session violated the resistance level of Rs 2760 but could not sustain at higher level and closed lower.

MACD histogram turned up into positive zone and sustaining into this zone the market is expected to witness up sides move.

As the trend is up therefore enter fresh long above Rs 2775.5 stop loss below 2740

Yesterday's Close
2751.00

1 day back Close
2727.50

% Gains/Loss Yesterday
0.85

Trend


Daily Closing Reversal Point
2661.00

Up Trend Date
6-Jun-08

Up Trend Price
2435.50

Current Gain/Loss
315.50

% Gains/Loss
12.95%

Open Interest
50570.00

Previous Days
48780.00

% Increase/Decrease in OI
3.54

Highest Open Interest of Contract
51590.00

Volumes
34920

Previous Days Volume
29460

% Increase/Decrease in Volumes
15.64

Highest Volume of the Contract
48580


INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

2751.0
2661.0
2718.0
2734.0
2755.0
2771.0
2791.0
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Product: FOB Malaysian ports- July 03
3 Jul 2008 10:16 am

Mumbai - Following rates were quoted for RBD Palmolein in India on FOB Malaysian port conditions.

Month
US $/ Per tonnes

July
1227.5

Aug
1230

Sep
1230
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Mustard Seed NCDEX Sep
3 Jul 2008 6:51 am

The trend is up but the nature of movement is sideways

The market has strong resistance level of Rs 691.25. Closing above Rs 691.25 the market is expected to test higher range of Rs 707 at least.

MACD histogram turned up into positive zone and sustaining this zone one can expect the market to move up.

Enter fresh long above Rs 691.25 with stop loss below Rs 685.

Yesterday's Close
681.45

1 day back Close
681.60

% Gains/Loss Yesterday
0.02

Trend


Daily Closing Reversal Point
678.10

Up Trend Date
26-Jun-08

Up Trend Price
677.55

Current Gain/Loss
4.05

% Gains/Loss
0.60%

Open Interest
117270.00

Previous Days
114020.00

% Increase/Decrease in OI
2.77

Highest Open Interest of Contract
117270.00

Volumes
63400

Previous Days Volume
56540

% Increase/Decrease in Volumes
10.82

Highest Volume of the Contract
85750


INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

681.45
678.1
675.85
678.65
683.0
685.8
690.15