Most domestic edible oils improved on Friday with groundnut oil extended bull run to a new high in Mumbai market. Groundnut oil increased by Rs 15 to Rs 1,020 for 10 kg, as the rise continued in the Saurashtra market.
Stopping groundnut crushing in most mills has lead to tight supply in the market during the festival period. Sunflower oil and rapeseed oil increase by Rs 5 and Rs 3 each. Palmolein, soya oil and cotton oil ruled steady despite higher closing of Malaysian palm oil futures. Analyst said Malaysian crude palm oil (CPO) futures closed higher due to short covering and tracking gains in soya oil. Palm oil's wide price discount to soya oil may boost export demand, pushing CPO towards a psychological level of Malaysian ringgit (MYR) 3,200 a tonne in the next few months. According to a wholesaler, fresh wholesale and retail demand picked up sharply on Friday with total about 700–800 tonnes changing hand. In resale, 80–100 tonnes of palmolein changed hands at Rs 555.
Towards the day's close, resellers were quoting palmolein at Rs 555. Allana's palmolein was Rs 561 for September 10-30. In Rajkot – Saurashtra, groundnut oil shot up to Rs 1,630 (Rs 1,590) for Telia tin and loose - 10kg rose to Rs 1,060 (Rs 1,040). Malaysia's CPO September contracts closed at MYR 3185 (3120), October at 3109 (3047) and November at 3050 (3009) a tonne.
Bombay Commodity Exchange spot rate (Rs/10kg) : Groundnut oil 1020 (1005), Soya refined oil 645 (645), Sunflower exp. ref. 660 (655), Sunflower ref. 710 (710), Rapeseed ref. oil 695 (692), Rapeseed expeller ref. 665 (662), Cotton ref. oil 659 (659) and Palmolein was 559 (559).
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