Edible oils market ruled firm on Monday in line with price rise by refiners. Undercurrent remained positive on expectation of higher festival demand and tracking extended gains in Malaysian palm oil futures.
Shailesh Kataria of Riddhi Brokers said due to Ramzan, participation of brokers and traders were very thin. There were no cues from futures markets as they were also closed. Under current of the market will remain firm on expectation of higher festival demands coming days. Deficit monsoon across the country, slow progress of standing crops in the field due to lack of rain water, concern about lower yield and fear of possible delay in arrivals of new crops by a month will support the overall sentiments. Shortage of ready stocks and higher price in Gujarat has increased their buying of palmolein in Mumbai last week.
Liberty was quoting palmolein at Rs 615, super palmolein Rs 655, soya oil Rs 748 and sunflower refined oil Rs 770. Ruchi quoted palmolein at Rs 615, soya refined oil at Rs 748, sunflower refined oil Rs 770. Vaibhavi quoted palmolein at Rs 614-615 for September. Resellers were quoting palmolein at Rs 612-613. In Saurashtra, groundnut oil extended gains on tight supply of nuts for crushing. In Rajkot, price for Telia tin was higher at Rs 1975 (Rs 1,960) and loose 10 kg was Rs 1,300 (Rs 1,290).
In Mumbai nominal rates (Rs/10 kg) were groundnut oil Rs 1,250, soya refined oil Rs 746, sunflower exp. ref. Rs 705, sunflower ref. Rs 770, rapeseed ref. oil Rs 890, rapeseed expeller ref. Rs 860, cotton ref. oil Rs 748 and palmolein Rs 612.
Soya oil: In Indore mandis, soya refined ruled at Rs 740-45 for 10 kg as against Rs 735-40 last week. Similarly, soya solvent also ruled higher at Rs 710-15 (Rs 705-10). According to traders, uptrend will likely to continue in the soya oil on strong buying support ahead of the festival season in the coming days. Soya seeds ruled steady at Rs 4,450 a quintal. Plant deliveries in soyabean traded lower at Rs 4,450-4,500 a quintal on weak demand from the crushers. Soya DOC continued to trade low with its prices in the domestic market at Rs 39,800 a quintal (Rs 40,500-40,800).