Firm trend continued in physical edible oils market despite slack demand and steady futures markets.

Stockists preferred to stay away from fresh buying and concentrated on fulfilling old commitments.

Volume was thin and isolated. Imported palmolein and soyabean refined oil rose by Rs 4 and Re 1 each.

Sunflower refined oil shot up by Rs 10 and cotton refined oil by Rs 6, tracking firm reports from producing centres.

Groundnut oil declined by Rs 5. Rapeseed oil was unchanged.

Local stockists after covering more than 3,500 tonnes of palmolein in the last three days for March, kept away from fresh bet.

They concentrated on taking deliveries of February contracts made in advance before the expiry of due date.

Buyer’s outstanding commitments were roughly about 5,000-6,000 tonnes for February still pending, hence, merely 80-100 tonnes of palmolein were resale traded at Rs 517-518 during the day.

Liberty was quoting palmolein at Rs 523-525 for Feb-March.

Super palmolein Rs 563 and sunflower refined oil Rs 800.

Ruchi quoted palmolein at Rs 525 for March.

Soyabean refined oil at Rs 700 and sunflower refined oil Rs 785.

Allana’s quoted only super palmolein Rs 560.

In Saurashtra –Rajkot, groundnut oil was up by Rs 10 to Rs 1,940 (Rs 1,930) for telia tin and Rs 1,260 (Rs 1,260) for10 kg.

On the National Commodities and Derivatives Exchange, soyabean refined oil’s March futures were Rs 709.80 (Rs 710.70); April Rs 702.00 (Rs 700.85) and May Rs 702.90 (Rs 699.20).

Malaysia’s crude palm oil March futures settled higher at MYR 2,509 (MYR 2,506), April at MYR 2,540 (MYR 2,542) and May at MYR 2,565 (MYR 2,566) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,235 (1,240); soya refined oil 699 (698); sunflower exp. ref. 715 (715); sunflower ref. 790 (780); rapeseed ref. oil 785 (785); rapeseed expeller ref. 755 (755); cottonseed ref. oil 622 (616) and palmolein 517 (513).

Vikram Global Commodities, Chennai, has quoted Rs 570 for Malaysian super palmolein.

(This article was published on February 20, 2013)
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