Edible oils continued their uptrend on Wednesday on the back of higher demand. Stockists bought more than 1,000 tonnes of palmolein directly from local refineries expecting higher demand from next week for Diwali.
Local refineries raised their rates for palmolein by Rs 3-5 for 10 kg on good buying support. An observer said that the undercurrent in the physical market is firm as local wholesalers are buying continuously to fill the empty pipeline. Earlier on expectation of higher kharif output and early start of arrivals, most players (including processors, refiners, wholesalers and traders) had kept away from buying.
Now, with extended rains delaying new arrivals and crushing being lower , the market is passing through a short-term supply shortage.
Towards the day’s close, Liberty was quoting palmolein at Rs 570, super palmolein Rs 610 and super deluxe Rs 630, soyabean refined oil Rs 700 and sunflower refined oil Rs 810. Ruchi quoted palmolein Rs 567, super palmolein at Rs 594 and soyabean reined oil Rs 690. Allana was quoting palmolein Rs 568, super deluxe Rs 620 and sunflower refined oil Rs 820.
In Rajkot, groundnut oil was Rs 1,350-75 for telia tin and loose (10 kg) at Rs 850-875. Mustard seed arrivals were 50,000-55,000 bags and its prices were Rs 3,300- 3,850. Malaysia BMD crude palm oil ’s November futures closed higher at MYR 2,399 (MYR 2,362), December at MYR 2,403 (MYR 2,362) and January at MYR 2410 (MYR 2368).
In Mumbai, nominal rates (Rs/10 kg) were: groundnut oil 890, soya refined oil 695, sunflower exp. ref. 735, sunflower ref. 790, rapeseed ref. oil 735, rapeseed expeller ref. 705, cottonseed ref. oil 700 and palmolein 567.
Vikram Global Commodities (P) Ltd quoted Rs 630/10 kg for Malaysia super palmolein October/Nov delivery.