Palmolein continued its uptrend rising by Rs 4 for 10 kg in the edible oils market, tracking firm Malaysian cues on Wednesday. Malaysian palm oil futures settled at one-month-high with investors turning their focus to seasonal rain that could trigger floods and curb supply.
Indigenous oils such as soyabean, sunflower and rapeseed oil declined by Rs 5, Rs 5 and Rs 2 each. Cotton refined oil dropped by Rs 8 on bearish reports from producing centres. Groundnut oil was unchanged.
According to traders’ estimate, Liberty sold about 100-150 tonnes of super palmolein at Rs 545, Ruchi sold about 450-500 tonnes of palmolein at Rs 485 JNPT. Gujarat-based Adani sold some quantity of palmolein at Rs 485. Resellers offloaded about 80-100 tonnes at Rs 488-492.
In Saurashtra – Rajkot, groundnut oil prices were down sharply by Rs 65 to Rs 1,955 for
Ruchi quoted palmolein at Rs 495 for Jan and Rs 507 for Feb, soyabean refined oil at Rs 671 up to Jan and sunflower refined oil Rs 771 up to Jan. Allana’s rate for palmolein was Rs 493 and super palmolein Rs 543.
On the National Commodities and Derivatives Exchange, soyabean refined oil January contract was up by Rs 3.40 to Rs 697.40 , February was higher by Rs 1.40 to Rs 684.45 and March at Rs 678.70 (Rs 679.40).
Malaysia’s crude palm oil’s January contracts settled higher at MYR 2,308 (MYR 2,299), February was MYR 2,386 (MYR 2,378) and March edged up to MYR 2,430 (MYR 2,428) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,275 (1,275), soya refined oil 671 (676), sunflower exp. ref. 710 (710), sunflower ref. 775 (780), rapeseed ref. oil 818 (820), rapeseed expeller ref. 788(790) cottonseed ref. oil 623 (631) and palmolein 489 (485).
Vikram Global Commodities quoted Rs 560 for 10 kg ex-Chennai for Malaysian super palmolein.