Commodities

Edible oils continue to rise on Malaysian cues

Our Correspondent Mumbai | Updated on January 25, 2011 Published on January 25, 2011

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Edible oil prices continued to rise on Monday, taking cues from a strong Malaysian market. Imported soya refined oil increased Rs 5 and palmolein Rs 9.

Rapeseed oil rose Rs 5 and cotton oil by Rs 5 for 10 kg. Groundnut oil and sunflower oil were steady on lack of demand. In the ready market, volume was thin, as the market opened with a higher price gap. Only resale trade took place, traders said, adding that the market was steady. India's NBOT February soya oil futures touched high of Rs 671.20/10 kg, then sharply collapsed, tracking the Malaysian market. A wholesale trader said in the Mumbai market, 100-150 tonnes of palmolein resale were traded at Rs 595-597. About 1,200-1,500 tonnes of palmolein were traded for ready and forward delivery. Liberty was quoting palmolein at Rs 604-607 from Rs 615-618 and Ruchi's rates were Rs 605-610. They did not quote soya refined oil and sunflower oil on Monday.

Malaysia's BMD CPO futures February-10 closed at MYR3,815 (3,811), March-11 was at MYR3,801 (3,796). Indore NBOT soya oil futures February-11 was at Rs 663.40 (664.60) and March-11 Rs 669 (669).

Mumbai commodity exchange spot rate (Rs/10kg): Groundnut oil 770 (770), soya refined oil 635 (630), sunflower exp. ref. 675 (675), sunflower ref. 730 (730), rapeseed ref. oil 660 (655), rapeseed expeller ref. 630 (625), cotton ref. oil 625 (620) and palmolein was 598 (590).

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Published on January 25, 2011
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