Imported palmolein bounced back from lower level by Rs 5 for 10 kg on Tuesday, tracking sharp recovery in Malaysian palm oil futures while soyabean refined, oil extended loss further by Rs 8 on rise in arrival of new crops in producing centres.
Sunflower and cotton oil dropped by Rs 5 each. Groundnut and rapeseed oil edged lower by Rs 10 each. In Saurashtra – Rajkot, groundnut oil dropped further by Rs 40 to 1,530 (Rs 1,570) for Telia tin and also declined by Rs 40 to Rs 980 (Rs 1,020) for loose 10 kg. The volume increased in the local market as stockists came up with fresh orders at lower price, said a leading broker. In Mumbai, Ruchi sold 350-400 tonnes palmolein at Rs 551; super palmolein 150-200 tonnes at Rs 601 and soyabean refined oil 450-500 tonnes at Rs 715. Liberty sold 150-200 tonnes palmolein at Rs 553-556 and super palmolein 150-200 tonnes at Rs 606. Resellers offloaded 150-200 tonnes palmolein at Rs 548-550 for ready delivery. Towards the end of the day, local refineries raised their rates marginally. Liberty was quoting palmolein at Rs 553-556; super palmolein Rs 608, soya oil Rs 720 and sunflower refined oil Rs 755. Ruchi quoted palmolein Rs 551, super palmolein Rs 605, soya refined oil Rs 718 and sunflower refined oil Rs 745. Allana’s rates were Rs 551 for palmolein and Rs 601 for super palmolein. Vaibhavi’s rates were Rs 551. On the National Commodities and Derivatives Exchange, soyabean refined oil October futures increased by three per cent to Rs 717.95 (Rs 696.85); November closed higher by Rs 12.40 to Rs 694.65 (Rs 682.25) and December improved by Rs 11.45 to Rs 697.00 (Rs 685.55).
Malaysia's crude palm oil October contracts closed at MYR 2,539 (2,512), November was MYR 2,605 (2,578) and December at MYR 2,669 (2,646) a tonne.
The Bombay Commodity Exchange spot rates were (Rs/10 kg): Groundnut oil 1,070 (1,080), soya refined oil 710 (718), sunflower exp. ref. 700 (710), sunflower ref. 745 (750), rapeseed ref. oil 830 (840), rapeseed expeller ref. 800 (810) cotton ref. oil 705 (710) and palmolein 555 (550).