The firm trend in edible oils continued on Friday with imported soyabean refined oil and palmolein inching up by Rs 5 and Re 1 each for 10 kg.

Indigenous groundnut, cotton and rapeseed oils increased by Rs 10, Rs 5 and Rs 4 each. Sunflower oil ruled unchanged.

The market improved further on forward covering by stockists. The futures market witnessed an opposite trend, tracking bearish world markets.

Domestic soyabean oil futures dropped by more than Rs 5 erasing the previous day’s gains. Malaysian palm oil futures inched lower on Friday, tracking weak soya markets, and were set for a second straight weekly loss. Shailesh Kataria of Riddhi Broker said that in the absence of ready demand most of the volumes occurred for forward delivery.

An importer sold about 700-800 tonnes palmolein at lower price Rs 510 for May 1-15 delivery . Besides 150-200 tonnes were traded in resale at Rs 510-511 for nearby delivery. The sentiment in the domestic market turned positive as arrivals of kharif crops, especially soyabean will end soon and mustard seeds arrivals will be losing momentum from April-end.

At the national level, mustard arrivals were 6.20 lakh bags and prices were Rs 3,100-3,450. Soyabean arrivals declined to 80,000 bags and price was Rs 4,000 at mandi level and Rs 4,000-4,050 at plant level.

At the close of the day Liberty quoted palmolein at Rs 515-517; super palmolein Rs 550 and sunflower refined oil Rs 780.

Ruchi quoted palmolein at Rs 517, soyabean refined oil Rs 680 for April; Rs 685 for May 1-15; sunflower refined oil Rs 771. Allana quoted super palmolein at Rs 548. In Saurashtra –Rajkot, on higher demand, groundnut oil went up further by Rs 10 to Rs 1,920 (Rs 1,910) for telia tin and Rs 1,250 (Rs 1,250) for loose 10 kg.

On the National Commodities and Derivatives Exchange, soyabean refined oil’s May futures were down by Rs 4.40 to Rs 694.25 (Rs 698.65); June dropped by Rs 5.80 to Rs 679.80 (Rs 685.60) and July dipped to Rs 670.00 (Rs 675.80).

In Malaysia BMD, crude palm oil May futures contracts settled lower at MYR 2,353 (MYR 2,383); June was MYR 2,359 (MYR 2,392) and July at MYR 2,366 (MYR 2,398) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,230 (1,220); soya refined oil 670 (665); sunflower exp. ref. 680 (680); sunflower ref. 765 (765); rapeseed ref. oil 702 (698); rapeseed expeller ref. 672 (668); cottonseed ref. oil 635 (630) and palmolein 511 (510).

Vikram Global Commodities, Chennai, quoted Malaysian super palmolein at Rs.544 ex-Chennai.

(This article was published on April 5, 2013)
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