Commodities

Futures perk up imported oils

Our Correspondent Mumbai | Updated on November 15, 2017 Published on April 10, 2012

-EDIBLEOIL

Imported palmolein and soya refined oil were unchanged in the spot market on Tuesday. In contrast, they scaled higher in the forward delivery as refiners increased prices tracking a firm futures market and higher local demand.

Groundnut oil rose by Rs 5 for 10 kg. Sunflower expeller refined oil increased by Rs 10 and rapeseed oil by Rs 5 for 10 kg. Cotton refined oil fell by Rs 2 for 10 kg, tracking weak reports from producing centres.

Malaysian crude palm oil futures rose on a positive shipment estimates report for April 1-10.

Sources said volume increased as local stockists bet for April-May delivery, expecting higher demand during the marriage season. Resellers sold about 250-300 tonnes of palmolein at Rs 650-653. Liberty quoted palmolein at Rs 660-661, soya refined oil at Rs 730 and sunflower refined oil at Rs 735. Ruchi quoted palmolein at Rs 657, soya refined oil at Rs 725 and sunflower refined oil at Rs 730. Allana offered palmolein was Rs 662. In Saurashtra and Rajkot, groundnut oil was down by Rs 30 to Rs 1,930 for a telia tin and by Rs 15 to Rs 1,255 for loose (10 kg).

On the National Board of Trade in Indore, soya refined oil's April contract was up Rs 5.80 to Rs 766 and May by Rs 6.90 to Rs 779.60. Malaysia's crude palm oil's May contract closed at MYR 3,619 (MYR 3,590), June at MYR 3,613 (MYR 3,575) and July at MYR 3,589 (MYR 3,556) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,265 (1,260), soya refined oil 725 (725), sunflower exp. ref. 670 (660), sunflower ref. 730 (730), rapeseed ref. oil 845 (840), rapeseed expeller ref. 815 (810) cotton ref. oil 706 (708) and palmolein 653 (653).

Published on April 10, 2012
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