Imported palmolein and soyabean refined oil extended gains by Re 1 and Rs 3 each on Monday despite weak futures markets and bearish reports from overseas.
Weak Indian currency pushed up import parity and forced refiners to increase price. Rapeseed oil gained Rs 2 for 10 kg. Groundnut oil, sunflower and cotton refined oil ruled unchanged on lack of demand.
Malaysian BMD palm oil futures fell on Monday, weighed by lower exports. Market sources said improved local demand for the beginning of new month supports sentiments in physical markets.
During the day, Ruchi sold about 1,000-1,200 tonnes of palmolein at Rs 495-496 ex JNPT for delivery up to Jan 20. Resellers sold about 150-200 tonnes of palmolein at Rs 494-495.
In Saurashtra – Rajkot, groundnut oil prices were Rs 1,980 (Rs 1,980) for telia tin and Rs 1,295 (Rs 1,300) for loose 10 kg. Towards the day’s close, Liberty was quoting palmolein at Rs 510-512, super palmolein Rs 560, soya refined oil Rs 678 and sunflower refined oil Rs 780.
Ruchi quoted palmolein at Rs 507 for Jan and Rs 515 for Feb, imported palmolein Rs 497 for Jan 20, soyabean refined oil at Rs 675 and sunflower refined oil Rs 770 for Jan. Allana’s rate for palmolein was Rs 500 and super palmolein Rs.550.
Malaysia’s crude palm oil’s January contracts settled lower at MYR 2,320 (MYR 2,367), February at MYR 2,395 (MYR 2,451) and March was MYR 2,438 (MYR 2,497) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,285 (1,285), soya refined oil 675 (672), sunflower exp. ref. 710 (710), sunflower ref. 775 (775), rapeseed ref. oil 817 (815), rapeseed expeller ref. 787(785) cottonseed ref. oil 622 (622) and palmolein 498 (497).
Vikram Global Commodities , Chennai quoted Rs 570 ex-Chennai for Malaysian super palmolein.