Edible oils witnessed a sudden spurt on Friday, after a bearish week. Barring sunflower oil, all oils rose Rs 5-7 for 10 kg on firm reports from foreign markets and higher Indore soya futures. Palmolein increased by Rs 7 for 10 kg. Soya oil rose by Rs 3, groundnut oil gained Rs 5, rapeseed oil and cotton oil increased by Rs 7. Indore soya oil futures, in line with firm Malaysian and Chicago markets, rose by more than Rs 8 on speculative buying. In Mumbai, along with higher volume sentiment was bullish on buying support.
In the local market, palmolein volumes increased with support from fresh buying by stockists and higher future markets. About 80-100 tonnes of palmolein was traded in resale at Rs 558-561. In direct trade with refineries, about 650-700 tonnes of palmolein was sold by Ruchi at Rs 558-562 for 10 kg. Allana was offering palmolein at Rs 568. Among indigenous oils, groundnut oil and cotton oil rose in line with bullish run of producing centres. Demand for Holi kept morale positive. Resalers were quoting palmolein Rs 561-562 taking cues from firm foreign market, sources added.
In Rajkot, groundnut oil rose by Rs 20 to Rs 1,175 (Rs 1,155) for telia tin and Rs 15 to Rs 760 (Rs 745) for loose 10 kg. Malaysia's crude palm oil (CPO) futures - NBOT futures: CPO conracts at Bursa Malaysia Derivatives for April closed at MYR3,499 (MYR3,390), May closed at MYR3,473 (MYR3,359) and June closed at MYR3,446 (MYR3,338) a tonne. Indore NBOT soya oil contract for April was at Rs 618.30 (Rs 609.20).
Mumbai commodity exchange spot rate (Rs/10kg): Groundnut oil 745 (740), soya refined oil 598 (595), sunflower exp. ref. 630 (635), sunflower ref. 680 (680), rapeseed ref. oil 615 (608), rapeseed expeller ref. 585 (578), cotton ref. oil 595 (588) and palmolein was 563 (556).