Edible oils prices edged higher on Tuesday expectation of higher demand ahead of Ramadan next month.
Weakness in domestic currency against the US dollar making import costly and fear of supply disturbance, quality problems due to heavy rain in main producing centres have lent support to the buying sentiment.
Palmolein and sunflower oil rose by Rs 6 and Rs 5 each. Soyabean and cotton refined oil increased by Rs 2 each. Groundnut oil Rajkot rose by Rs 10 while in Mumbai, it ruled steady. Rapeseed oil was unchanged.
Volume remained thin on slack demand. Exports of Malaysian palm oil in the first half of June surged 19 per cent as buyers stocked up for Ramadan in July.
During festive season, demand is expected to pick up from Pakistan, India and the West Asia. Production is not coping with the exports, so traders expect end-stocks to go down further in June, said an observer.
During the day, about 200-250 tonnes of palmolein were resale traded at Rs 530-531. Liberty sold about 150-200 tonnes of super palmolein at Rs 580-581 and Ruchi sold about 150 -200 tones of soyabean refined oil at Rs 677.
Soyabean arrivals were 64,000-65,000 bags including 35,000 bags from Madhya Pradesh at Rs 3,880 ex-mandi and Rs 3,980 for plant delivery.
Mustard seeds arrivals were 1.65 lakh-1.70 lakh bags including 95,000 bags from Rajasthan at Rs 3,180-3,600.
At the end of the day, Liberty quoted palmolein at Rs 546 for June 15, super palmolein Rs 582 and super deluxe Rs 602 for June-July. Ruchi quoted palmolein at Rs 550, soyabean refined oil Rs 677 for June-July and Rs 680 for August; sunflower refined oil at Rs 795 for June-July. Gokul quoted palmolein at Rs 535 for weekly delivery. In Rajkot, groundnut oil increased by Rs 25 to Rs 1,550 (Rs 1,525) for telia tin and by Rs 10 to Rs 1,000 (Rs 990) for loose 10 kg.
On the National Commodities and Derivatives Exchange, soyabean refined oil July futures were higher by Rs 4.10 to Rs 704.40 (Rs 700.30), August up by Rs 5.85 to Rs 696.00 (Rs 690.15) and September by Rs 3.90 to Rs 684.75 (Rs.680.85).
Malaysia BMD crude palm oil July contracts closed higher by MYR 4 to MYR 2,463 (MYR 2,459), August by MYR 5 to MYR 2,472 (MYR 2,467) and September by MYR 4 to MYR 2,466 (MYR 2,462) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 1,000 (1,000), soya refined oil 672 (670), sunflower exp. ref. 735 (730), sunflower ref. 795 (790), rapeseed ref. oil 695 (695), rapeseed expeller ref. 665 (665) cottonseed ref. oil 667 (665) and palmolein 532 (526).
Vikram Global Commodities, Chennai, quoted Malaysian super palmolein at Rs 585 ex-Chennai for delivery in 15 days.