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Edible oils witnessed a mixed trend in Mumbai on Monday following subdued demand and a weak Malaysian market.
Soya and sunflower oils ruled steady. Groundnut oil extended gains from the past week and rose by Rs 5 for 10 kg and cotton oil was up Re 1 for 10 kg on bullish reports from producing centres. Palmolein rose by Re 1. Volumes were thin with local demand easing as the month-end approaches. Resellers sold at lower rates. Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) were off their highs as rising supplies exceeded improving demand.
A refinery reportedly sold 120-140 tonnes of palmolein at Rs 548-550. Liberty was quoting palmolein at Rs 548. Ruchi's rates were: for palmolein Rs 548, for soya refined oil Rs 620 and for sunflower oil Rs 675. Allana's palmolein was at Rs 548. Resellers offered palmolein at Rs 546-547.
Malaysia's BMD CPO July contract was at MYR3,220 (MYR3,225), August at MYR3,205 (MYR3,205) and September at MYR3,193 (MYR3,198) MYR a tonne. The July contract for soya oil on National Board of Trade in Indore was at Rs 634.30 (Rs 635) and August at Rs 635 (Rs 637).
Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 975 (970), soya refined oil 623 (623), sunflower exp. ref. 635 (635), sunflower ref. 685 (680), rapeseed ref. oil 660 (663), rapeseed expeller ref. 630 (633), cotton ref. oil 628 (627) and palmolein 549 (548).
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