Edible oils were mixed in the oils and oilseeds market on Wednesday with indigenous oils gaining and imported ones slipping. Groundnut oil and sunflower expeller refined oil jumped by Rs 15 and Rs 20 each for 10 kg and rapeseed oil by Rs 5 tracking firm reports from producing centres.Imported palmolein and soyabean refined oil dropped by Re 1and Rs 5 each.
Improved cotton arrivals pulled down washed cottonseed oil by Rs 5.
Analysts said that the Malaysian market is fundamentally bearish due to data showing lower exports and prices will further correct before a positive sentiment enters the market.
Heavy covering by exporters makes groundnut supply for crushing scarce. In Saurashtra, groundnut arrivals stood at 20,000-22,000 bags lower than expected.
Tight availability for crushing pushed up groundnut and sunflower oil by Rs 45/50 after Diwali in producing areas.
He said that a weak domestic currency makes imports costlier.
Oil World has cut its forecasts of 2013 soyabean crops in Argentina and Brazil by 30 lakh tonnes combined.
In physical market, Ruchi sold nearly 800-900 tonnes of palmolein at Rs 511-512 ex JNPT for December delivery.
In ready about 150-200 tonnes of palmolein were traded in resale at Rs 514-515. Some isolated buying was also witnessed in groundnut oil, sunflower oil and cotton refined oil from brand makers.
Towards the end of the day, Liberty was quoting palmolein at Rs 521 and super palmolein Rs 578 for delivery up to Dec 15.
Soya refined oil at Rs 682 and sunflower refined oil Rs 770 for delivery up to Dec 15. Ruchi quoted palmolein at Rs 521 for up to Dec 10 and Rs 524 for Dec 11-31.
Soyabean refined oil at Rs 681 and sunflower refined oil at Rs 768 for Dec 10-31.
Allana’s rate for palmolein was Rs 518 and super palmolein were Rs 575. In Saurashtra-Rajkot market, groundnut oil shot up by Rs 60 to Rs 1,880 (Rs 1,820) for Telia Tin and up by Rs 40 to Rs 1,220 (Rs1,180) for loose 10 kg.
On the National Commodities and Derivatives Exchange, soyabean refined oil December futures was up Rs 701.15 (Rs 698.55), January was Rs 694.65 (Rs 690.70) and February was Rs 691.50 (Rs 686.30).
Malaysia’s crude palm oil December futures settled lower at MYR 2,340 (2,369), January at MYR 2,402 (2,426) and February at MYR 2,443 (MYR 2,457) a tonne.
The Bombay Commodity Exchange spot rates were (Rs/10 kg): Groundnut oil 1,200 (1,185), soya refined oil 675 (680), sunflower exp. ref. 705 (685), sunflower ref. 765 (768), rapeseed ref. oil 855 (850), rapeseed expeller ref. 825 (820) cotton ref. oil 675 (680) and palmolein 515 (516).