Edible oils prices shot up on Wednesday, following a sudden spurt in Malaysian palm oil futures and Chicagoan soya market.
In Mumbai, palmolein rose by Rs 3, soya oil by Rs 4 and cotton oil by Rs 3 for 10 kg, tracking strong foreign markets and as local refineries increased prices. Groundnut oil was steady despite a price rise in Saurashtra. Sunflower and rapeseed oils were unchanged as rain progressed in producing areas.
Local refineries directly traded 900-1,000 tonnes of palmolein at Rs 536-538. Liberty sold palmolein at Rs 540-542 in the local market. Ruchi sold palmolein at Rs 541, soya refined oil at Rs 628 and sunflower oil at Rs 688. Allana's palmolein was at Rs 538.
August contract for crude palm oil on Bursa Malaysia Derivatives closed at MYR3,100 (MYR3,044), September at MYR3,082 (MYR3,034) and October at MYR3,091 (MYR3,031) a tonne. July contract for soya oil on National Board of Trade in Indore was up at Rs 647.50 (Rs 642.50) and August rose to Rs 649.50 (Rs 641.20).
Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 960 (960), soya refined oil 632 (628), sunflower exp. ref. 650 (650), sunflower ref. 695 (690), rapeseed ref. oil 662 (662), rapeseed expeller ref. 632 (632), cotton ref. oil 648 (645) and palmolein 537 (534).