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Tight supply heats up edible oils

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Indigenous edible oils extended gain on Friday in line with firm trend due to tight supply and higher demand. Groundnut oil rose by Rs 10, rapeseed oil by Rs 4 and cotton refined oil by Rs 6 for 10 kg. Sunflower oil and palmolein ruled steady. Soya oil dropped by Rs 4 as a leading refinery reduced rates by same margin.Sources said that shortage of ready stocks and higher price in Gujarat has increased their buying of palmolein in Mumbai this week. Gujarat-based traders have covered about 300-400 tonnes of palmolein at Rs 615 from Liberty. Ruchi sold about 300 tonnes soya refined oil at Rs 741 and Allana sold 150-200 tonnes of palmolein at Rs 608. Stockists are optimistic about higher consumer demand in coming days. Concern about the new crop and firm futures are supporting sentiments.

Liberty was quoting palmolein at Rs 612-613, super palmolein Rs 652, soya oil Rs 743 and sunflower refined oil Rs 765. Ruchi quoted palmolein at Rs 612-614, soya refined oil Rs 741-743, sunflower refined oil Rs 760.

Allana’s rate for palmolein was Rs 608. Vaibhavi quoted palmolein at Rs 610. In Saurashtra – Rajkot, groundnut oil ruled steady. Price for Telia tin was Rs 1,910 (Rs 1,915) and loose 10 kg was Rs 1,260 (Rs 1,260). On the National Board of Trade – Indore, soya refined oil September futures closed lower at Rs 791 (Rs 795).

Malaysia's crude palm oil September contracts closed at MYR 2,898 (MYR 2,860), October higher at MYR 2,928 (MYR 2,910) and November closed at MYR 2,962 (MYR 2,942) a tonne.

The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,240 (1,230), soya refined oil 741 (745), sunflower exp. ref. 705 (705), sunflower ref. 765 (770), rapeseed ref. oil 888 (884), rapeseed expeller ref. 858 (854) cotton ref. oil 748 (742) and palmolein 608 (608).

(This article was published in the Business Line print edition dated August 18, 2012)
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