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Edible oil prices on Tuesday firmed up on taking cues from higher closing of Malaysian market. Fresh demand for oil was thin and need based. Some volume took place directly with refineries for forward deliveries. In ready, resellers actively off loaded some quantity of palmolein with lower price.
Groundnut oil rose Rs 5 and soya refined gained Rs 7. Rapeseed oil and cotton oil declined on lack of demand. Palmolein lost Re 1 in spot despite higher Malaysian market as resellers were selling at lower rates. Mumbai market will remain closed on Wednesday on account of Maha Shivratri festival.
In Malaysia, BMD CPO futures rebound in choppy trade, as selling momentum appeared eased. Indore NBOT soya oil futures closed up Rs 6 on falling supplies in the local market and firm BMD palm oil futures.
A wholesaler said, with the start of new months and seeing the Holi festival ahead demand from consumers are bound to pick up. On Monday prices ruled unchanged despite sharp decline in Malaysian market indicating demand support.
He added, about 200/-250 tonnes of palmolein were resale traded at Rs 572-573. Direct refineries also have sold about 500-550 tonnes of palmolein for forward delivery. In indigenous oils, Dhuliya side millers were sellers in cotton oil at reduced rates of Rs 608.
In Rajkot market, groundnut oil declined Rs10 to Rs 1,165 (Rs 1,175) for Telia tin and Rs 5 to Rs 755 (Rs 760) for loose 10 kg. In foreign market, palm oil rebounded from its lowest level in three months after Malaysia, predicted strong demand and higher prices for the vegetable oil this year.
On Tuesday, Malaysian palm oil futures rose by 59, 69 ringgits a tonne after sharp sell-off the previous day as investors snapped up bargains and expectation of increase in palm oil exports to India, Pakistan and China this month.
Malaysia's CPO futures - NBOT futures
Malaysia's BMD CPO futures March 11 closed at MYR 3,609 (3,550); April 11 was at 3,578 (3,509), May 11 closed at 3,546 (3,472) MYR a tonne. Indore, NBOT soya oil futures March 11 futures was at Rs 632 (Rs 626).
Mumbai commodity exchange spot rate (Rs/10kg):
Groundnut oil 755 (750), soya refined oil 615 (608), sunflower exp. ref. 655 (655), sunflower ref. 710 (710), rapeseed ref. oil 636 (646), rapeseed expeller ref. 606 (616), cotton ref. oil 609 (610) and palmolein was 576 (577).
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