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Edible oil prices, after picking up momentum on Tuesday, gained further on Wednesday. In Mumbai on Wednesday imported oils such as soya oil and palmolein rose by Rs 7 and Rs 12 for 10 kg, in line with the foreign markets and following sharp price hike by local refineries.
Palmolein crossed the Rs 600-mark. Indigenous oils such as groundnut oil and rapeseed oil rose by Rs 5 and Rs 11 on bullish sentiment at producing centres. Cotton refined oil was steady as arrivals decreased. A sudden spurt in oil prices affected the volume. About 80-100 tonnes of palmolein in resale traded at Rs 610-612. Direct refineries were quoting higher rates and difference between the rates of resale and refineries narrowed as resellers offloaded most of their commitment.
Secondly, refineries themselves have covered good amount of February commitments as buyback in the last few days, reducing sharply stocks of resellers. Difference in price between the refineries and resellers for palmolein came down to less than Rs 15 on Wednesday, against about Rs 25 last week. Malaysian market on Wednesday closed higher. as flood waters in the southern state of Johor disrupted transport logistics.In Mumbai, Liberty was quoting palmolein at Rs 624-627. Ruchi's rates were Rs 620 for palmolein, Rs 645 for soya refined oil and Rs 731 for sunflower refined oil. At the Saurashtra-Rajkot market, groundnut oil was at Rs 1,140 (Rs 1,120) for telia tin and Rs 735 (Rs 720) for 10 kg. Indian soya oil and soya bean futures jumped on Wednesday on strong spot demand and a rally in the US markets. Malaysia's Malaysian crude palm oil February contracts closed at MYR 3,923 (MYR 3,840) and March at MYR 3,915 (MYR 3,832). Indore NBOT soya oil February contracts rose to Rs 662.30 (Rs 658) and March to Rs 677.90 (Rs 670.50).
Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 765 (760), soya refined oil 639 (632), sunflower exp. ref. 675 (675), sunflower ref. 730 (720), rapeseed ref. oil 651 (640), rapeseed exp. ref. 621 (610), cotton ref. oil 620 (620) and palmolein was 607 (595).
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