Edible oils prices continued to make moderate gains on Friday. Tracking bullish trend, groundnut oil improved by Rs 10, soyabean and sunflower oils increased by Rs 5 each and rapeseed oil went up by Rs 3 for 10 kg.

Before the State elections, the price of 15 kg groundnut oil may surpass Rs 2,000-level due to tight supply of nuts for crushing.

Groundnut arrivals were about 20,000-22000 bags in Saurashtra. Soyabean arrivals in Madhya Pradesh were 3.00-3.25 lakh bags and in Rajasthan and Maharashtra about 1.00-1.25 lakh bags.

Lower arrivals pushed up soya futures further. Only some pressure is seen in cotton where its daily arrivals crossed 1.20 lakh bales Thursday and expected to reach 1.50 lakh bales next week.

In absence of demand, only 50-100 tonnes of palmolein were resale traded at Rs 512-513.

End of the day, Liberty was quoting palmolein at Rs 518-520 and super palmolein Rs 572. Soya refined oil at Rs 695 and sunflower refined oil at Rs 775. Ruchi quoted palmolein at Rs 518 and Rs 513 ex JNPT; soyabean refined oil Rs 695 up to Dec 10 and sunflower refined oil Rs 771 for Dec 10-31. Allana’s rate for palmolein was unchanged at Rs 516 and super palmolein at Rs 572.

In Saurashtra – Rajkot market, groundnut oil was up by Rs 10 to Rs 1,960 (Rs 1950) for Telia Tin and up by Rs 20 to Rs 1,290 (Rs 1,270) for loose 10 kg.

On the National Commodities and Derivatives Exchange, soyabean refined oil Dec futures shot up to Rs 717.40 (Rs 710.35), Jan Rs 710.50 (Rs 706.25) and Feb Rs 705.40 (Rs 703.05).

Malaysia’s crude palm oil Dec futures settled at MYR 2,267 (2,300), Jan at MYR 2,355 (2,373) and Feb at MYR 2,395 (MYR 2,411) a tonne.

The Bombay Commodity Exchange spot rates were (Rs/10 kg): Groundnut oil 1,235 (1,225), soya ref oil 690 (685), sunflower exp. ref. 705 (705), sunflower ref. 775 (770), rapeseed ref. oil 851 (848), rapeseed exp ref. 821(818) cotton ref. oil 675 (675) and palmolein 515 (516).

(This article was published on November 23, 2012)
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