Spot imported palmolein rose by Rs 2 for 10 kg on Tuesday, while soyabean and sunflower oils ruled unchanged. Soya oil futures dropped by Rs 9 tracking weak overseas markets. Groundnut oil jumped by Rs 15 following a sharp rise in prices in Saurashtra. Rapeseed oil increased by Rs 3 and cottonseed refined oil dropped by Re 1. Poor demand kept volume subdued. Malaysian palm oil futures closed unchanged with range bound trading on Tuesday, with slowing export demand weighing at a time when inventory levels remain at record highs.
During the day, Ruchi sold 200-250 tonnes of palmolein at Rs 475.
Daily arrivals of groundnuts in Saurashtra declined to 15,000-20,000 bags and to 5,000-7,000 in Rajasthan, pushing up prices. Tracking firm reports from main producing centres, groundnut oil rose by Rs 15 for 10 kg here.
At the close of the day, Liberty was quoting palmolein at Rs 482-484, super palmolein at Rs 537, soya refined oil at Rs 692, and sunflower refined oil at Rs 785. Ruchi quoted palmolein at Rs 480, soyabean refined oil at Rs 690 and sunflower refined oil Rs 780. Allana was offering palmolein at Rs 477 and super palmolein at Rs 535.
A commodity analyst said in Malaysia, demand from the major consuming countries remains uncertain due to economic slowdown and tightening measures on imports of vegetable oils. But traders hope higher palm oil exports, as Malaysia has removed export tax for crude palm oil for January. At home, lower output will reduce supply of seeds for crushing.
On the National Commodities and Derivatives Exchange, soyabean refined oil’s January contracts declined to Rs 706.80 (Rs 715.80), February to Rs 695.65 (Rs 704.15) and March to Rs 690.60 (Rs 698.60). Malaysia’s crude palm oil’s January contracts settled at MYR2,197 (MYR2,197), February at MYR2,280 (MYR2,280) and March at MYR2,341 (MYR2,350) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,275 (1,260), soya refined oil 690 (690), sunflower exp. ref. 710 (710), sunflower ref. 780 (785), rapeseed ref. oil 810 (807), rapeseed expeller ref. 780 (777) cottonseed ref. oil 624 (625) and palmolein 477 (475).
Vikram Global Commodities quoted Rs 552 for 10 kg for Malaysian super palmolein (excluding Chennai).