As the weakening rupee has made imports expensive, edible oil prices went up on Friday. Palmolein rose by Rs 3 while cotton refined oil inched up by Re 1. Tracking a firm trend in the Malaysian palm oil futures, local refineries increased their rates for palmolein by Rs 2 in evening session. Soyabean, sunflower and rapeseed oil ruled steady. Groundnut oil dropped by Rs 10 in Mumbai but remained unchanged in Saurashtra. About 350–400 tonnes of palmolein was resale traded at Rs 514-515. An importer sold about 450-500 tonnes of Palmolein at Rs 520 for July 1-15. Stockists were eager to cover forward purchases for festival demand.
Soyabean arrivals were 64,000-65,000 bags, including 34,000 bags in Madhya Pradesh, and prices were Rs 3,650-3,750 ex-mandi and Rs 3,800-3,900 for plant delivery. Mustard seed arrivals were 1.80-1.90 lakh bags and the prices were Rs 3,100-3,575.
Liberty was quoting Palmolein Rs 524-526, Super palmolein at Rs 558 and Super deluxe at Rs 578. Ruchi was quoting Palmolein at Rs 525 for June, Soyabean refined oil at Rs 661 for June 20 and at Rs 665 for June 20– July, and Sunflower refined oil at Rs 765 for June. In Gujarat, Palmolein ex-Kandla quoted Rs 515-520. In Rajkot, groundnut oil was steady at Rs 1,590 (Rs 1,590) for telia tin and Rs 1,030 (Rs 1,030) for loose (10 kg). On the National Commodities and Derivatives Exchange, soyabean refined oil’s July futures ended at Rs 691.25 (Rs 693.05), August closed higher at Rs 687.50 (Rs 685.90) and September jumped by Rs 4.05 to Rs 678.90 (Rs 674.85). Malaysia bmd crude palm oil’s July -13 futures contracts ended higher at MYR 2,452 (MYR 2,424) a tonne.
Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,050 (1,060), soya refined oil 665 (665), sunflower exp. ref. 675 (675), sunflower ref. 765 (765), rapeseed ref. oil 695 (695), rapeseed expeller ref. 665 (665) cottonseed ref. oil 643 (642) and palmolein 515(512).
Vikram Global Commodities, Chennai quoted Rs 570 for Malaysian Super Palmolein, ex-Chennai.