Palmolein continued its bullish run tracking extended gain in Malaysian crude palm oil futures on Thursday. Soyabean, rapeseed and cotton oil dropped by Re 1, Rs 3 and Rs 4 each. Sunflower expeller refined oil dropped by Rs 10 on higher selling pressure.
Malaysian palm oil futures climbed to a five-week high on Thursday as monsoon-driven floods in Malaysia's key producing regions sparked concerns of supply disruption. Market sources said during the day, refiners sold about 3,000-3,500 tonnes of palmolein as stockists continued their inventory buying .
In Mumbai, Liberty sold about 1,200-1,500 tonnes of palmolein and super palmolein at Rs 498-500 and Rs 545, respectively, Ruchi sold about 1,000-1,200 tonnes palmolein at Rs 490-494 ex-JNPT and 200-300 tones ex-Patalganga at Rs 498. Resellers offloaded about 250-300 tonnes palmolein at Rs 488-493.
In Saurashtra – Rajkot, groundnut oil prices were at Rs 1,960 (Rs 1,955) for
Towards the day’s close, Liberty was quoting palmolein at Rs 500-502 for January and Rs 512-514 for February, super palmolein Rs 550 for January, soya refined oil Rs 673 and sunflower refined oil Rs 780 for January. Ruchi quoted palmolein at Rs 498 for January and Rs 510 for February, imported palmolein Rs 494 for January 15, soyabean refined oil at Rs 670 and sunflower refined oil Rs 770 for January. Allana’s rate for palmolein was Rs 495 and super palmolein Rs 545.
Malaysia’s crude palm oil’s January contracts settled higher at MYR 2,350 (MYR 2,308), February was MYR 2,431 (MYR 2,386) and March was MYR 2,481 (MYR 2,430) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,275 (1,275), soya refined oil 670 (671), sunflower exp. ref. 700 (710), sunflower ref. 775 (775), rapeseed ref. oil 815 (818), rapeseed expeller ref. 785(788) cottonseed ref. oil 619 (623) and palmolein 492 (489).
Vikram Global Commodities , Chennai quoted Rs 562 ex-Chennai for 10 kg for Malaysian super palmolein.