Bullish futures support edible oils

Prices of soft oils increased on Wednesday tracking firm futures markets and weak currency.

In Mumbai, palmolein and soyabean refined oil rose by Rs 3 and Rs 2 each. Cotton refined oil gained by Rs 2 for 10 kg. Sunflower refined oil inched up by Rs 3 and rapeseed oil ruled unchanged. Groundnut oil slipped by Rs 10 in line with drop in Saurashtra where it declined further by Rs 20 on higher selling.

Shailesh Kataria of Riddhi Broker told

Business Line that “due to month end, ready demand remained slack as stockists concentrated on fulfilling old commitments but they were optimistic about higher demand with start of new month next week. Bullish futures market and weak Indian currency are supporting the physical market sentiments.”

In Mumbai, 150-200 tonnes palmolein were traded in resale at Rs 508-509. Ruchi sold about 350-400 tonnes soyabean refined oil at Rs 668 and then raised price by Rs 2 for June and Rs 4 for July, sources said.

Soyabean arrivals were 90,000 bags including 40,000 in Madhya Pradesh and its prices were Rs 3,840-3,850 ex-mandi and Rs 3,940-3,950 for plant delivery.

Mustard seed arrivals were 2.40 lakh bags and the prices were Rs 3,030-3,560.

At the close, Liberty quoted palmolein at Rs 517-520; super palmolein Rs 555 and sunflower refined oil Rs 780. Ruchi quoted palmolein at Rs 523 ex-Patalganga and Rs 515 ex-JNPT, soyabean refined oil at Rs 670-672 for June and July; sunflower refined oil at Rs 765.

In Gujarat, palmolein ex-Kandla was quoted at Rs 505-510.

In Saurashtra – Rajkot, groundnut oil declined by Rs 20 to Rs 1,550 (Rs 1,570) for telia tin and Rs 1,000 (Rs 1,020) for loose 10 kg.

On the National Commodities and Derivatives Exchange , soyabean refined oil June future was Rs 714.30 (Rs 711.45); July at Rs 695.40 (Rs 692.40) and August at Rs 690 (Rs 687.30).

Malaysia BMD crude palm oil June contract was MYR 2,359 (MYR 2,372); July at MYR 2,398 (MYR 2,393) and August MYR 2,399 (MYR 2,388) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,025 (1,035); soya refined oil 667 (665); sunflower exp. ref. 675 (675); sunflower ref. 765 (762); rapeseed ref. oil 695 (695); rapeseed expeller ref. 665 (665); cottonseed ref. oil 645 (643) and palmolein 511 (508).

Vikram Global Commodities, Chennai, has quoted Rs 565 ex-Chennai for Malaysian super palmolein.