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Mixed trend in edible oils market

Our Correspondent
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Edible oils market witnessed a mixed trend on Wednesday on buyer resistance. Groundnut oil gained by Rs 5 for 10 kg despite weak Saurashtra market. Soyabean and cotton refined oils increased by Re 1 and Rs 3 each.

Palmolein dropped by Re 1, tracking weak futures market. In Mumbai, about 250-300 tonnes of palmolein were sold by Ruchi at Rs 515 ex-Patalganga up to Feb 10, while 50-60 tonnes were traded in resale at Rs 505 ex-JNPT. Traders have covered more than 2,500 tonnes the previous day. Demand for indigenous oils were lacking.

Liberty was quoting palmolein at Rs 518 for January and Rs 520 for February.

Super palmolein was Rs 563 for Feb 10; soya refined oil Rs 720 and sunflower refined oil Rs 805 for Feb 10.

Ruchi quoted palmolein at Rs 515 ex-JNPT Feb10 and Rs 521ex- Patalganga for Feb; soyabean refined oil at Rs 706-711 till Feb 10 and sunflower refined oil at Rs 795.

Allana’s rates for palmolein were Rs 514 for Jan and Rs 518 for Feb 1-10 and super palmolein Rs 560 for Jan. In Saurashtra-Rajkot, groundnut oil dropped by Rs 5 to Rs 2,035 (Rs 2,040) for telia tin and Rs 1,325 (Rs 1,330) for loose (10 kg).

On the National Commodities and Derivatives Exchange, soyabean refined oil’s February futures declined to Rs 725.05 (Rs 733.65); March dropped to Rs 707.80 (Rs 713.05) and April was Rs 697.65 (Rs 700.40).

Malaysia’s crude palm oil’s February contracts settled at MYR 2,410 (MYR 2,412), March at MYR 2,453 (MYR 2,444) and April settled at MYR 2,481 (MYR 2,465) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,295 (1,290); soya refined oil 706 (705); sunflower exp. ref. 720 (720); sunflower ref. 795 (800); rapeseed ref. oil 820 (820); rapeseed expeller ref. 790 (790); cottonseed ref. oil 633 (630) and palmolein 506 (507).

Vikram Global Commodities, Chennai has quoted Rs 572 for 10 kg - Malaysian super palmolein.

(This article was published on January 23, 2013)
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