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Edible oils prices gained further during the weekend as local refineries continued to raise the price, tracking extended gains in Malaysian palm oil futures and firm soyabean oil on the Dalian Commodities Exchange. On the Bombay Commodity Exchange, palmolein rose by ₹4 and sunflower oil by ₹5 for 10 kg respectively.
Rapeseed and cotton refined oil also increased by ₹3 each. Only groundnut oil dropped by ₹10, following bearish reports from the Saurashtra markets. As prices rose sharply last week, stockists kept away from fresh bet in Mumbai and preferred to fulfil old commitments, which they made in advance at a lower price. Local refineries raised their rates for the imported oils by ₹5-6, resulting in a widening gap between refinery sale and resale. During the weekend, Liberty quoted palmolein at ₹595; super palmolein at ₹615; and super deluxe palmolein at ₹635. Ruchi quoted palmolein at ₹590-595; soyabean refined oil at ₹655; and sunflower refined oil at ₹670. Allana quoted palmolein at ₹593-594; super palmolein at ₹613; soyabean refined oil at ₹655; and sunflower refined oil at ₹675.
At Rajkot, groundnut oil dropped further by ₹10 at ₹1,150 (₹1,160) for telia tin and loose (10 kg) declined to ₹730 (₹740). The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 750 (760); soya refined oil 650 (650); sunflower exp. ref. 610 (605); sunflower ref. 665 (663); rapeseed ref. oil 700 (697); rapeseed expeller ref. 670 (667); cottonseed ref. oil 625 (622); and palmolein 583 (579).
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