Imported palmolein and soya oil increased by Re 1 and Rs 3 each for 10 kg on Wednesday, despite lower Malaysian palm oil futures closing. Rapeseed oil rose by Rs 3; . Groundnut oil lost Rs 10and cottonseed oil declined by Rs 2 . Sunflower oil ruled unchanged. About 4,500-5,000 tonnes of palmolein were traded on Monday and Tuesday. Bearish foreign markets and reports of continuous rain in main oilseed producing areas of Saurashtra have kept stockists away from the market.
A wholesaler said For edible oils, there is no indication of any straight bullish trend yet. The progress of monsoon in the country will also matter for the trend. At present, favourable import parity will keep supplies of imported oils ample. Liberty sold about 100-150 tonnes of palmolein at Rs 602 but quoted it at Rs 604-605 at the end of the day. It sold soya oil at Rs 700 and sunflower refined oil at Rs 720. Ruchi quoted palmolein at Rs 600, soya refined oil at Rs 700-705 and sunflower refined oil at Rs 720. In Saurashtra and Rajkot, groundnut oil ruled unchanged at Rs 1,900 for a telia tin and at Rs 1,250 for loose (10 kg).
Malaysia's crude palm oil's July contracts settled at MYR 2,946 (MYR 2,959), August at MYR 2,950 (MRY 2,965) and September at MYR 2,955 (MYR 2,961) a tonne. On the National Board of Trade in Indore, soya refined oil's June contracts closed lower at Rs 721 (Rs 722) and July closed at Rs 727.20 (Rs 729.40).
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,190 (1,200), soya refined oil 700 (697), sunflower exp. ref. 650 (650), sunflower ref. 715 (715), rapeseed ref. oil 800 (797), rapeseed expeller ref. 770 (767) cotton ref. oil 669 (671) and palmolein 600 (599).