Epic Research Daily Agri Commodity Report Of 12 October 2018
India, 12 October 2018
-- As production in top growers climbing and prices hovering near three-year lows, the last chance to arrest Palm Oil’s decline this year is Indian demand ahead of Diwali, the Hindu festival of lights that’ ll be widely celebrated in the top importer in November.
Purchases of the tropical oil by India may surge about 10 per cent from a year earlier to 2.4 million metric tons in the October-December quarter on cheaper Palm and tight domestic vegetable oil supplies. That could underpin Palm Oil prices in Kuala Lumpur, which have lost about 12 per cent this year.
Palm Oil prices in Kuala Lumpur are expected to average 2,220 ringgit ($535) a ton in the fourth quarter, that compares with an average of about 2,660 ringgit a year earlier. Prices need to drop below 2,100 ringgit to make Palm Oil competitive and regain exports.
India’s Palm Oil imports were initially expected to climb to around 950,000 tons in each month of the fourth quarter, but the rupee’s slump has shrunk the working capital of importers and could limit that. Many companies will be in deep trouble because it’s more costly to buy any edible oil, whether it’s Palm or Soybean Oil.
The International Monetary Fund (IMF) forecast a growth rate of 7.3% for India in the current year of 2018 and that of 7.4% in 2019.
BUY CORIANDER NOV ABOVE 5120 TARGET 5150/5200/5250 SL 5050
BUY TURMERIC NOV ABOVE 6670 TARGET 6700/6750/6800 SL 6600
BUY GUARGUM5 NOV ABOVE 9210 TARGET 9260/9390/9430 SL 9170
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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Friday, 12 October 2018 at 12:24 PM
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