The sentiment in the edible oils market improved slightly on Monday tracking a rebound in futures markets. On the heels of need-based demand in the spot market, imported palmolein and soyabean refined oil dropped by Rs 2 each. Higher arrivals and selling pressure pulled down cotton refined oil by Rs 6 and rapeseed oil by Rs 5 for 10 kg. Domestic soya oil futures closed Rs 2.50 higher. A broker said that routine demand kept the volume thin. During the day, Liberty sold 200-250 tonnes of palmolein at Rs 488-490 and 70-80 tonnes of super palmolein at Rs 543. Ruchi sold 150-200 tonnes of palmolein at Rs 488. Resellers offloaded 40-50 tonnes of soyabean refined oil at lower rates of Rs 680-682, while refiners quoted soyabean refined oil Rs 20 higher. Towards the day’s close, Liberty was quoting palmolein at Rs 490-492, super palmolein at Rs 543 for Jan 15, soya refined oil at Rs 700 and sunflower refined oil at Rs 785. Ruchi quoted palmolein at Rs 488 for Jan, soyabean refined oil at Rs 700, sunflower refined oil Rs 785 for Dec and Rs 790 for January. Allana offered palmolein at Rs 488 and super palmolein at Rs 543. In Saurashtra and Rajkot, groundnut oil remained unchanged at Rs 1,960 for telia tin and Rs 1,270 (Rs 1,280) for loose (10 kg).

On the National Commodities and Derivatives Exchange, soyabean refined oil’s January contracts closed higher at Rs 709.25 (Rs 706.65), February was Rs 698.40 (Rs 696.30) and March Rs 693.50 (Rs 692.45).

Malaysia’s crude palm oil’s January contracts settled higher at MYR 2,221 (MYR 2,211), February MYR 2,313 (MYR 2,297) and March MYR 2,377 (MYR 2,356) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,260 (1,260), soya refined oil 695 (697), sunflower exp. ref. 720 (720), sunflower ref. 785 (785), rapeseed ref. oil 810 (815), rapeseed expeller ref. 780 (785) cottonseed ref. oil 632 (638) and palmolein 487 (489).

Vikram Global Commodities, Chennai quoted Rs 558 for 10 kg (ex-chennai - ready delivery) for Malaysian super palmolein.

(This article was published on December 10, 2012)
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