Groundnut oil, sunflower expeller refined and palmolein prices increased while cotton, soyabean, rapeseed and sunflower refined oil ruled unchanged in the edible oils market on Thursday. Firm foreign markets and domestic futures improved the sentiment in physical markets.
Domestic soyabean refined oil futures jumped by Rs 8 tracking foreign markets. The volume in the physical market also improved compared with Wednesday.
The sentiment was upbeat as traders were optimistic about higher demand ahead of Diwali, said sources.
In Mumbai, groundnut oil shot up by Rs 20, sunflower expeller refined oil inched up by Rs 5 and palmolein gained Re 1 for 10 kg.
A leading broker said that, tracking the firm note in the global markets, stockists came forward with fresh orders to cover at a lower resale price. Maharashtra line producers have started offering lower rates for soyabean and cotton refined oil.
During the day, about 300-400 tonnes of palmolein were traded in resale in the range of Rs 520-524.
About 200-250 tonnes of Maharashtra line’s soyabean refined oil were sold at Rs 668-670. Ruchi sold about 80-100 tonnes of sunflower refined oil at Rs 725. Few stockists bought small quantity of groundnut and cotton oil to cover Diwali festival’s demand.
Due to empty pipeline and tight supply from refineries, prices of edible oils may see firm trend.
In Saurashtra-Rajkot, groundnut oil Telia tin rose by Rs 10 to Rs 1,770 and loose 10 kg up by Rs 5 to Rs 1,160 on higher demand.
Towards the day’s close, Liberty was quoting palmolein at Rs 526-529 and super palmolein Rs 586 for delivery up to Dec 10, soya refined oil Rs 678.
Ruchi quoted palmolein at Rs 525 up to Dec 15 and Rs 516 for ready- Patalganga and JNPT up to Nov 15, super palmolein Rs 586. Soyabean refined oil was Rs 675 and sunflower refined oil Rs 725.
Allana’s rate for super palmolein was Rs 582 for ready and weekly delivery.
On the National Commodities and Derivatives Exchange, soyabean refined oil November futures were up by Rs 8.35 at Rs 695.05 , December was higher by Rs 9 at Rs 695.15 and January closed at Rs 697.40 (Rs 688.65).
Malaysia's crude palm oil November futures settled higher at MYR 2,404 (2,394), December at MYR 2,467 (2,445) and January at MYR 2,537 (2,496) a tonne.
The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,160 (1,140), soya refined oil 675 (675), sunflower exp. ref. 680 (675), sunflower ref. 725 (725), rapeseed ref. oil 845 (845), rapeseed expeller ref. 815 (815) cotton ref. oil 700 (700) and palmolein 522 (521).