Physical edible oil prices extended gains on Wednesday in Mumbai, despite sharp decline in Malaysian palm oil. Expectation of below-normal rain during June-September monsoon period, which increased concern among market players about on-going sowing, supported the firmness.

Palmolein increased by Rs 3, soya refined oil was up by Rs 4, sunflower oil improved by Rs 10, rapeseed oil by Rs 3 and cotton oil was up by Rs 2 for 10 kg.

Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) closed lower on profit-taking. Tracking bearish Malaysian palm oil, local refineries have continued steady rates for palmolein and soya oil. About 600-650 tonnes of palmolein were traded on Wednesday, of which 200-250 tonnes was resale traded for ready in the range of Rs 548. Liberty was quoting palmolein at Rs 550/552, Ruchi's rate for palmolein was Rs 550/552, for soya refined oil Rs 625 and for sunflower oil Rs 685. Resellers offered at Rs 548. Malaysia's BMD CPO July contract was at MYR3,205 (MYR3,252), August at MYR3,190 (MYR3,240) and September MYR3,178 (MYR3,221) a tonne. The July contracts of soya oil on National Board of Trade in Indore touched a high of Rs 645 and closed at Rs 640 (Rs 641).

Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 970 (975), Soya refined oil 628 (624), sunflower exp. ref. 640 (630), sunflower ref. 690 (680), rapeseed ref. oil 670 (667), rapeseed expeller ref. 640 (637), cotton ref. oil 632 (630) and palmolein 551 (548).

Related Topics
comment COMMENT NOW