After declining continuously last week, the edible oils market improved as the Malaysian palm oil market rebounded on Monday. Groundnut oil extended gains from last week, rising Rs 10 for 10 kg.

Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) rebounded on dip-buying after sliding to the lowest in a month. In Mumbai, soya refined oil rose by Re 1, sunflower oil by Rs 5 and rapeseed oil by Re 1 for 10 kg.

Cotton, palmolein

Cotton and palmolein oils ruled steady as resellers offered at lower rates. Volumes remained thin as new stock-buying was absent, a wholesaler said. Local refineries have reduced palmolein and soya oil rates but offers by resellers at lower rates kept the market sentiment steady.

In Rajkot, price of groundnut oil telia tin increased by Rs 15 to Rs 1,475 (Rs 1,460) and loose (10 kg) increased by Rs 5 to Rs 955 (Rs 950).In Mumbai, 300-350 tonnes of palmolein was traded by resellers at Rs 560-564. One refinery sold a few tonnes at Rs 563. Liberty quoted palmolein at Rs 565. Ruchi's rates were: for palmolein Rs 564, for soya refined oil Rs 625 and for sunflower oil Rs 685. Allana's palmolein was at Rs 564.

Malaysia's BMD CPO July contract ended at MYR3,281 (MYR3,260), August at MYR3,256 (MYR3,239) and September at MYR3,262 (MYR3,240) a tonne.

Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 950 (940), soya refined oil 627 (626), sunflower exp. ref. 645 (640), sunflower ref. 695 (690), rapeseed ref. oil 666 (665), rapeseed expeller ref. 636 (635), cotton ref. oil 628 (628) and palmolein 563 (565).

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