Groundnut oil extended gains by Rs 5 for 10 kg in Mumbai on Tuesday due to shortage of groundnuts for crushing as exporters bought heavily HPS groundnuts. Palmolein declined marginally by Re 1 as the Malaysian market weakened. Soya oil rose by Re 1. Cloudy weather in main oilseeds-producing States may check the rise of oils prices, said traders in Vashi.
In Rajkot and Saurashtra, new demand by brand makers pushed up groundnut-oil telia tin by Rs 35 to Rs 1,490 (Rs 1,455) and loose (10 kg) by Rs 20 to Rs 965 (Rs 945). Tight supply of groundnuts and costliler seeds have increased the parity of producing oil by more than Rs 1,000 for 10 kg, compared to Mumbai prices .
Crude palm oil futures (CPO) on Bursa Malaysia Derivatives closed lower on tight supplies. Volumes in the spot market remained negligible for the second straight day as there was no new demand and traders, tracking bearish domestic and foreign markets, remained inactive. Resellers sold palmolein at a lower price of Rs 530-534. Liberty quoted palmolein at Rs 534-535. Ruchi's rate for palmolein was Rs 532, for soya refined oil Rs 622 and for sunflower oil Rs 681. Allana's palmolein was at Rs 535. Malaysia's BMD CPO August contract closed at MYR3,050 (MYR3,061), September at MYR3,040 (MYR3,050) and October at MYR3,039 (MYR3,047) a tonne. The July contract of soya oil on National Board of Trade in Indore was down to Rs 638.80 (Rs.638.30) and August was Rs 638.30 (Rs 638.50).
Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 950 (945), soya refined oil 628 (627), sunflower exp. ref. 645 (645), sunflower ref. 695 (690), rapeseed ref. oil 662 (662), rapeseed expeller ref. 632 (632), cotton ref. oil 642 (642) and palmolein 534 (535).
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