Indigenous edible oils extended gains while imported oils ruled steady on Wednesday. The market was cautious on making new commitments due to lack of demand. Rapeseed/mustard oil rose to a new high of Rs 815 for 10 kg by further gaining Rs 25, while sunflower oil increased by Rs 15 along with cotton refined oil increased by Rs 3. Imported palmolein and soya oil ruled steady tracking bearish futures markets. Groundnut oil also ruled unchanged in line with decline in Saurashtra market. With volume being need based in the physical market, the sentiment remained cautious .
Market sources said that absence of fresh local demand kept the undertone cautious in the wholesale market. Indigenous edible oils extended their gains due to shortage of seeds and lean period. Rapeseed/mustard oil crossed the Rs 800-mark while groundnut oil is already ruling near Rs 1,100. High price of this oils will lead demand to divert to lower price palmolein.
Currently, cotton oil is witnessing active volume in producing centre – Gujarat due to price parity. Sources said volume in Mumbai was thin and isolated. A meagre 150-200 tonnes of edible oils were traded in resale.
In Mumbai, resellers quoted palmolein at Rs 572 for JNPT and Rs 577-578 for Mumbai. Liberty quoted palmolein at Rs 581-582. Ruchi quoting palmolein at Rs 578, soya refined oil at Rs 682 and sunflower refined oil at Rs 691. Allana's palmolein was Rs 580 and Mewah quoted palmolein at Rs 579. In Saurashtra – Rajkot, groundnut oil was down by Rs 10 to Rs 1,700 for Telia tin and by Rs 5 to Rs 1,110 for loose - 10kg. In Madhya Pradesh soyabean arrivals were 1-1.25 lakh bags and soyabean prices were Rs 2,470-2,520 a quintal.
Malaysia's crude palm oil March contrcts settled at MYR 3,216 (MYR 3,234), April at MYR 3,241 (MYR 3,260) and May at MYR 3,250 (MYR 3,268) a tonne. Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,080 (1,080), soya refined oil 682 (682), sunflower exp. ref. 640 (625), sunflower ref. 701 (690), rapeseed ref. oil 815 (790), rapeseed expeller ref. 785 (760), cotton ref. oil 645 (642) and palmolein 574 (574).
Keywords: Oil rates