Hectic activities were witnessed in edible oils market during Muhurat trading The market was bullish, tracking firm Malaysian palm oil futures that closed higher by more than 100 ringgits a tonne on Wednesday. Malaysian palm oil futures posted the highest daily gain since October 2010, lifted by a slowdown in inventory build-up in Malaysia and a demand recovery for palm oil.
In Mumbai, groundnut oil shot up by Rs 16, soyabean and sunflower oils by Rs 5 each; rapeseed oil by Rs 20; palmolein by Rs 4; cotton ref oil dropped by Rs 8 on ease of supply from producing centres. Malaysia’s October palm oil stocks inched up 1.1 per cent to a record 2.51 million tonnes. End of the day Liberty was quoting palmolein at Rs 512-515 and super palmolein at Rs 570.25 and soya refined oil Rs 665.25. Ruchi quoted palmolein at Rs 513, super palmolein Rs 572, soyabean refined oil Rs 661.25 and sunflower ref oil Rs 721.51. Allana’s rate for palmolein was Rs 511 and super palmolein was Rs 565.25 but late evening, it stopped quoting palmolein. In Saurashtra–Rajkot market, groundnut oil telia tin was up Rs 50 to Rs 1,840.50 (Rs 1,790) and loose 10 kg increased by Rs 20 to Rs 1,180.50 (Rs 1,160).
On the National Commodities and Derivatives Exchange, soyabean ref oil Dec futures were higher at Rs 675.30 (Rs 663.75) and Jan Rs 669.25 (Rs 670.55). Malaysia’s CPO Dec futures shot up to MYR 2,395 (2,293), Jan MYR 2,425 (2,324) and Feb settled at MYR 2,461 (MYR 2,366) a tonne. Muhurat spot rates at the Bombay Commodity Exchange (Rs/10 kg): Groundnut oil 1,171.25; soya ref oil 665.25; sunflower exp ref 670.25; sunflower ref. 730.25; rapeseed ref oil 850.25; rapeseed exp ref 820.25; cotton ref. oil 675.25 and palmolein was 511.15.