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Edible oil market witnessed firm trend on Tuesday on the back of bullish undertone in the global palm and soya oil futures market. Despite lower closing of the Malaysian market, palmolein rose by Rs 8 and soya refined oil increase by Rs 12 for 10 kg, in Mumbai. Groundnut oil with a gain of Rs 10 touched Rs 800 marks.
Cotton refined, sunflower oil and rapeseed oil increased by Rs 5 respectively in line with imported oils. Even after the price increase, the volume in spot was nominal in resale due to thin buying by stockists and poor retail demand. Morale was steady, said traders.
A wholesaler said soya oil futures traded on a positive note on continued buying interest and driven by tight-ending stock projection in the US. Likely decline in US soya acreage gave underlying support to the Indian market. Indore NBOT soya oil futures closed little unchanged after initial rise on speculation that rising soya oil supply from Argentina and Brazil may cool down the morale.
In Rajkot, groundnut oil ruled steady at Rs 1,240 for the telia tin and Rs 805 for 10 kg “loose.”
New crop arrivals picking up in Gujarat and southern markets are weighing on sentiment.
BMD CPO futures closed lower by 15, 9, and 16 ringgits a tonne on profit-taking as investors focus on rising supplies. Higher production is expected in April in Malaysia. At the Mumbai market, about 450-500 tonnes palmolein was resale traded at Rs 560 for April delivery.
There was no direct trade with refineries. Liberty was quoting palmolein at Rs 562, Ruchi's rates for palmolein were Rs 560, soya refined oil Rs 601, and sunflower oil at Rs 668. Allana was offering palmolein at Rs 562 for 10 kg. There were no buyers for indigenous oils in ready. One steamer carrying 14,000 tonne CPO is scheduled to unload in a day or two, sources said.
Malaysia's CPO futures - NBOT futures:
Malaysia's BMD CPO futures April -11 closed at MYR 3,410 (3,425), May -11 at 3,386 (3,395) and June – 11 closed at 3,366 (3382) MYR a tone. Indore, NBOT soya oil futures April – 11 was Rs 615.80 (Rs 615.70) and May-11 was Rs 626.50 (Rs 628.10).
Mumbai commodity exchange spot rate (Rs/10kg): Groundnut oil 800 (790), soya refined oil 602 (590), sunflower exp. ref. 630 (625), sunflower ref. 680 (675), rapeseed ref. oil 605 (600), rapeseed expeller ref. 575 (570), cotton ref. oil 595 (590) and palmolein was 566 (558).
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