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Prices of imported palmolein and soyabean refined oil increased on Thursday but prices of other edible oils ruled steady. On the Bombay Commodity Exchange, imported palmolein and soyabean refined oil increased by ₹4 and ₹5 each for 10 kg. Cotton refined oil jumped by ₹5 on the back of firm reports from producing centres. Groundnut, sunflower and rapeseed oil were unchanged.
In Saurashtra, higher demand from branded oil manufacturers and packers pushed up groundnut oil by ₹15.
A Mumbai-based wholesaler said that the volume was lower in isolated resale trade in view of the bearish futures market. As stockists have bought ample quantity of edible oils this week, they kept away. Secondly, after a long time sunflower oil has become cheaper than soya oil, forcing buyers to shift to sun oil. Currently, cotton, sunflower, soyabean and rapeseed oil are providing buyers with good options with minor premium or discount, distributing demands among them. This will increase offtake of indigenous edible oils in the coming days, he said.
During the day, merely 250–300 tonnes of palmolein were resold at ₹609–610. There were no commitments noticed directly with local refineries as they have raised their rates for commodity by ₹2-7 in the beginning of the day. Resellers were offering lower rates.
At the end of the day, Liberty was quoting palmolein at ₹616, Super palmolein ₹636 and Soyabean refined oil ₹662. Ruchi quoted Palmolein at ₹617, Soyabean refined oil ₹662 and Sunflower refined oil ₹660. Allana was quoting palmolein at ₹615, Soyabean refined oil ₹662 and Sunflower refined oil ₹659. At Rajkot, Groundnut oil Telia Tin was up by ₹10 to ₹1110 and Loose was higher by ₹15 to ₹705.
Malaysia crude palm oil May-14 futures dipped to MYR 2,712 (MYR 2,736), June-14 at MYR 2,661(MYR 2,700) and July-14 at MYR 2,647 (MYR 2,684).
Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 740 (740), soya refined oil 660 (655), sunflower exp. ref. 600 (605), sunflower ref. 660 (657), rapeseed ref. oil 676 (676), rapeseed expeller ref. 646 (646) cottonseed ref. oil 660 (655) and palmolein 610 (606).
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