Agri Business

Global cues lift edible oils

Our Correspondent Mumbai | Updated on January 25, 2011

BL18_COM2_EOIL

Edible oil prices, on Monday, ruled firm taking cues from the higher Malaysian market and Indore soya futures.

Malaysian crude palm oil (CPO) futures closed higher on improved export demand and weak supply. In the Mumbai market, spot groundnut oil rose Rs 5 on firm reports from Gujarat.

Soya oil, palmolein and cotton oil rose by Re 1 for 10 kg. Rapeseed oil increased by Rs 3 and sunflower oil was steady. Sources said that in the Mumbai market, the volume of the most-traded oil, palmolein, was thin as most of the stockists had covered their requirement.

In the ready market, about 100-150 tonnes of palmolein were sold in resale in the range of Rs 578-580 for 10 kg. Ruchi was quoting palmolein Rs 583-584, soya refined oil at Rs 619-624 and sunflower oil at Rs 705.

A rise of Rs 5 in Indore soya futures did not affect the ready market.

Malaysian CPO February and March futures closed 26 and 19 ringgits , on demand from China for the approaching Chinese New Year.

In the Saurashtra-Rajkot market, groundnut oil prices were Rs 5 higher at Rs 1,155 (Rs 1,150) a Telia tin and Rs 745 (Rs 745) for 10 kg.

Malaysia CPO February contracts closed at MYR 3,718 (3,692) and March at MYR 3,699 (3,680).

Mumbai commodity exchange spot rate (Rs/10kg): Groundnut oil 765 (760), soya refined oil 618 (617), sunflower exp. ref. 670 (670), sunflower refined 725 (7250), rapeseed refined oil 633 (630), rapeseed exp. ref. 603 (600), cotton ref. oil 601 (600) and palmolein was 578 (577).

Published on January 25, 2011

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