Commodities

Firm trend continues in edible oils

Our Bureau Mumbai | Updated on January 25, 2011 Published on January 25, 2011

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Edible oil prices on Friday ruled firm, taking cues from the strong Malaysian market.

Malaysian crude palm oil (CPO) futures closed higher on chart-based speculative buying interest and demand prospects.

Indore NBOT soya future also saw a firm trend.

On Friday in Mumbai market, soya oil, palmolein, sunflower oil and cotton oil rose between Rs 4 and Rs 6 for 10 kg. Rapeseed oil declined by Rs 5. Groundnut oil was steady despite the sharp rise in Saurashtra. With limited buying, volume was thin in resale. Refineries were quoting higher rates. A wholesale trader Mr Dinesh Thakkar said: “In Mumbai, about 150-200 tonnes palmolein were traded in resale in the range of Rs 587-588. The gap between the refineries / importers rates for forward delivery and resale rates for spot delivery is nearly Rs 12-15 for 10 kg higher, which turns needy buyers to concentrate on limited resale buying in spot.”

Currently due to month-end period local demand is also low so the fresh volume in ready market is thin.

Liberty was quoting palmolein at Rs 603-605, Ruchi's rates were Rs 600 for palmolein, soya refined oil Rs 630 and sunflower oil Rs 715 for forward delivery. Indore NBOT soya oil futures: February was Rs 657.60 (Rs 651) and March Rs 664 (Rs 663.50).

Mumbai commodity exchange spot rate (Rs/10kg): Groundnut oil 770 (770), Soya refined oil 627 (622), Sunflower expeller refined 675 (670), sunflower refined 725 (720), rapeseed refined 650 (655), rapeseed expeller refined 620 (625), cotton refined 616 (612) and palmolein 590 (584).

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Published on January 25, 2011
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