Edible oils witnessed a mixed trend on Thursday with cautious trade tracking volatile Malaysian palm oil futures market which opened weak but later closed higher on expectation of higher demand from India, China and other Asian countries.
Groundnut oil and cotton refined oil rose by Rs 10 and Rs 5 for 10 kg respectively while sunflower and soyabean refined oil ruled unchanged.
Palmolein declined Rs 5 and rapeseed oil dropped by Rs 3.
Sources said, “Strengthening of rupee resulting in lower import cost, led local refineries to reduce their rates for palm-soya oil by Rs 10-15. The volume remained need-based as stockists have covered sufficient in last few days. During the day, Liberty sold about 350-400 tonnes of palmolein at Rs 605, Gokul sold 150-200 tonnes at Rs 598 and resellers offloaded 80-100 tonnes at Rs 597.”
Towards the day’s close, Liberty was quoting palmolein at Rs 605, super palmolein Rs 642 and super deluxe Rs 662, soyabean refined oil Rs 680 and sunflower refined oil Rs 835.
Ruchi quoted palmolein at Rs 615 ex Patalganga and Rs 600 ex JNPT, soyabean refined oil Rs 675 and sunflower refined oil Rs 830.
Allana was quoting palmolein at Rs 614, super palmolein Rs 640, soyabean refined oil Rs 674 and sunflower refined oil Rs 830. Gokul’s rates were Rs 598 for palmolein.
At Rajkot, groundnut oil was steady on third consecutive day at Rs 1,325 for telia tin and loose (10 kg) Rs 850 .
Soyabean arrivals were 20,000 bags and its prices were Rs 3,350-3,450 ex mandi and Rs 3,500-3,600 for plant delivery.
Mustard seed arrivals were 70,000 bags and prices were Rs 3,200-3,725.
Malaysia BMD crude palm oil’s October contracts settled higher at MYR 2,415 (MYR 2,402), November at MYR 2,412 (MYR 2,398) and December at MYR 2,411 (MYR 2,399).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 870 (860), soya refined oil 675(675), sunflower exp. ref. 750 (750), sunflower ref. 830(830), rapeseed ref. oil 740(743), rapeseed expeller ref. 710(713) cottonseed ref. oil 675(670) and palmolein 600(605).
Vikram Global Commodities (P) Ltd quoted Rs 660/10 kg for Malaysia super palmolein -forward delivery.