Agri Business

Edible oils rebound on weak rupee

Our Correspondent Mumbai | Updated on August 01, 2014 Published on August 01, 2014

Edible oils futures market bounced back on the back of weak domestic currency amid firm overseas palm oil complex on Friday. Despite that, in the spot market, barring palmolein, all other edible oils ruled steady, said sources.

Tracking a weaker rupee, local refineries raised their rates for palmolein by ₹2-4 for 10 kg. But need-based demand kept market price rise limited to ₹1. Wholesalers and semi-wholesalers came forward with fresh orders and bought about 1,300-1,400 tonnes of palmolein in the range of ₹568-572. Liberty was quoting palmolein at ₹574, super palmolein at ₹594 and soyabean refined oil at ₹645. Ruchi was quoting palmolein at ₹570 for August and ₹572 for September, soyabean refined oil at ₹641 for August, ₹643 for September and ₹645 for October, sunflower refined oil at ₹643 for September and ₹645 for October. Allana was quoting palmolein at ₹568, soyabean refined oil at ₹642 and sunflower oil at ₹642 for September.

In Saurashtra – Rajkot, groundnut telia tin increased by ₹20 to ₹1,225 and loose (10 kg) up by ₹10 to ₹780. BCE spot rates (₹/10 kg) were: groundnut oil 785 (785), soya refined oil 644 (644), sunflower exp ref. 588(588), sunflower ref 648 (648), rapeseed ref oil 724 (725), rapeseed expeller ref. 694 (695) cottonseed ref. oil 660 (660) and palmolein 569 (568).

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Published on August 01, 2014
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