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Edible oil prices, after rising sharply in the last two days, ruled steady on Thursday despite selling pressure from re-sellers. In Mumbai market, imported oil such as soya oil and palmolein rose by Re 1 for 10 kg.
Malaysian and Indonesian markets were closed Friday due to the Lunar New Year holiday. Indigenous oils such as groundnut oil and sunflower oil were steady. Rapeseed oil rose by Rs 9, while cotton oil by Rs 3 on bullish sentiment at producing level due to lower arrivals.
A wholesale trader said, the volume was thin due to sudden spurt in price in last two days. On the other side, most of the big stockist kept away from bulk buying and concentrates on offloading their stocks to retailers in barrel / tin semi wholesale business.
Sources said that in Mumbai market some 20-30 tonnes of palmolein were traded in resale in the range of Rs 608-610. Ruchi has reduced rates for palmolein and sunflower. But there was no response from buyers. Liberty was quoting palmolein Rs 624-627. Ruchi's rates for palmolein were Rs 615, for soyabean refined oil Rs 645 and sunflower oil Rs 711 per 10 kg.
In Saurashtra - Rajkot markets, groundnut oil was Rs 1,145 (Rs 1,140) for telia tin and Rs 740 (Rs 735) for 10 kg.
Mumbai commodity exchange spot rate (Rs/10 kg) : roundnut oil 765 (765), soya refined oil 640 (639), sunflower exp. refined 675 (675), sunflower refined 730 (730), rapeseed refined oil 660 (651), rapeseed expeller refined 630 (621), cotton refined oil 623 (620) and palmolein was 608 (607).
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