A sudden spurt in domestic futures market and rising crude palm oil (CPO) futures in Malaysia pushed up edible oils by Rs 5-10 for 10 kg on Thursday.
Few traders were present as heavy rains obstructed the market routine. Local refineries, following higher Malaysian palm oil futures and Chicago soya market, increased prices of palmolein and soya oil. Resellers sold 300-400 tonnes of palmolein at Rs 541-542 in the physical market. Liberty sold palmolein at Rs 545-547. Ruchi sold palmolein at Rs 543, soya refined oil at Rs 638 and sunflower oil at Rs 692. Allana's palmolein was at Rs 545. In Rajkot and Saurashtra, a groundnut-oil telia tin fetched Rs 1,520 (Rs 1,505) loose (10 kg) Rs 985 (Rs 975). August contract for CPO on Bursa Malaysia Derivatives closed at MYR3,145 (MYR3,092), September at MYR3,144 (MYR3,082) and October MYR3,141 (MYR3,091) a tonne. July contract for soya oil on National Board of Trade in Indore shot up to Rs 652 (Rs 650) and August to Rs 658.20 (Rs 651.50).
Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 965 (960), soya refined oil 638 (632), sunflower exp. ref. 660 (650), sunflower ref. 700 (695), rapeseed ref. oil 667 (662), rapeseed expeller ref. 637 (632), cotton ref. oil 655 (648) and palmolein 544 (537).