The weakness in the domestic currency and a firm futures market lifted the sentiment in the edible oils market on Thursday. Stockists came forward with fresh orders and covered about 2,900 -3,000 tonnes of palmolein during the day.
On the Bombay Commodity Exchange, palmolein and soyabean refined oil declined by Rs 4 each, cotton oil slid by Rs 5 and rapeseed oil lower by Rs 2 for 10 kg each as the new crop has started arriving in producing centres. Groundnut and sunflower oil rule unchanged.
Sources said that in the producing centres arrivals of new cotton, groundnut and soyabean crops have started and they will rise gradually in coming days putting pressure on prices.
A weak Indian rupee and firm Malaysian palm oil futures will make palm and soya oil import costlier, supporting the rise in prices.
During the day Liberty sold about 1,500 tonnes palmolein at Rs 575, Ruchi sold 500-550 tonnes of palmolein at Rs 575 and Allana sold 450-500 tonnes of palmolein at Rs 574 for forward delivery. Resellers offloaded 450-500 tonnes palmolein Rs 569-Rs570 ex JNPT for ready delivery.
End of the day, Liberty was quoting palmolein at Rs 575, super palmolein at Rs 605 and super deluxe at Rs 625, soyabean refined oil at Rs 655 and sunflower refined oil at Rs 830. Ruchi quoted palmolein at Rs 575, soyabean refined oil at Rs 651 and sunflower refined oil at Rs 821. Allana was quoting palmolein at Rs 575, super palmolein at Rs 620, soyabean refined oil at Rs 655 and sunflower refined oil at Rs 825. Gokul’s rate were Rs 573 for palmolein.
At Rajkot, groundnut oil was Rs 1,250 (Rs 1,240) for telia tin and loose (10 kgs) Rs 800 (Rs 800). On the National Commodities and Derivatives Exchange, soyabean refined oil’s October futures were up at Rs 670.10 (Rs 663.00), November at Rs 667 (Rs 657.65) and December increased to Rs 679 (Rs 662.05).
Malaysia BMD crude palm oil’s October futures closed higher at MYR 2,351 (MYR 2,341), November at MYR 2,344 (MYR 2,333) and December at MYR 2,336 (MYR 2,330).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were : groundnut oil 830 (830), soya refined oil 651(655), sunflower exp. ref. 735 (735), sunflower ref. 815(815), rapeseed ref. oil 718(720), rapeseed expeller ref. 688 (690) cottonseed ref. oil 655(660) and palmolein 571 (575).
Vikram Global Commodities (P) Ltd quoted Rs 620/10 kg for Malaysia super palmolein forward delivery.