Bullish trend continues in edible oils

The bullish trend continued in edible oils market on Thursday, tracking firm futures markets and signs of recovery.

Domestic soyabean oil futures extended gain further by Rs 9-10 on the back of sharp jump witnessed in Malaysian palm oil futures the previous day that pushed prices higher in physical market.

In Mumbai market, groundnut oil and cotton refined oil increased by Rs 9 and Rs 5 respectively.

Imported palmolein and soyabean refined oil were up by Rs 6 and Rs 4 respectively on a similar price rise by local refineries tracking firm sign from the overseas market. Malaysia’s Bursa Malaysia Derivatives Exchange and the local markets were closed, hence, volume remained low.

At the end of the day, Liberty quoted palmolein at Rs 518- 520 and super palmolein Rs 576; soya refined oil Rs 672 for delivery up to Dec 15. Ruchi quoted palmolein Rs 518 up to Dec 10, Rs 521 for Dec 11-31, super palmolein Rs 579 up to Dec 10, Rs 582 for Dec 11-31, soyabean refined oil Rs 670 for Nov–Dec, and sunflower refined oil Rs 730 for Nov-Dec.

Allana’s rate for palmolein was Rs 515 and super palmolein Rs 574. In Saurashtra – Rajkot, groundnut oil telia tin ruled steady at Rs 1,840 (Rs 1,840) and loose 10 kg increased by Rs 10 to Rs 1,190 (Rs 1,180).

On the National Commodities and Derivatives Exchange, soyabean refined oil Dec was higher by Rs 8.60 to Rs 684.90 (Rs 676.30), Jan up by Rs 9.35 to Rs 680.40 (Rs 671.05) and Feb up by Rs 10.90 to Rs 679.00 (Rs.668.10).

The Bombay Commodity Exchange spot rates were (Rs/10 kg): Groundnut oil 1,180 (1,171.25), soya refined oil 669 (665.25), sunflower exp. ref. 670 (670.25), sunflower ref. 730 (730.25), rapeseed ref. oil 845 (850.25), rapeseed exp ref. 815 (820.25), cotton ref. oil 680 (675.25) and palmolein was 517 (511.15).

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