Global cues keep edible oils warm

Our Bureau Mumbai | Updated on January 21, 2011


Edible oil prices on Tuesday continued to rise, taking cues from strong international markets.

In local market soya oil, palmolein and cotton oil rose Rs 2-3/10 kg.

Rapeseed oil shot up Rs 9 and sunflower oil prices were steady. Groundnut oil declined by Rs 5, despite the firm reports from Gujarat.

Wholesale traders said, in Mumbai, about 350-450 tonnes of palmolein changed hands with one refinery buying back about 100-150 tonnes in the range of Rs 577-578 and another about 100-150 tonnes in resale trade in the range of Rs 574-576 for 10 kg.

About 150 tonnes of Ruchi wares were traded for March delivery at Rs 591.

Ruchi was quoted palmolein Rs 575-577 for near delivery and Rs 585 for next month, soya oil Rs 615/617 and sunflower oil Rs 698.

Soyabean arrivals from Indore - Madhya Pradesh were 1.25/1.30 lakh bags and the prices were Rs 2,275/2,330 a quintal.

Malaysian CPO February and March futures closed 11 and 16 ringgits higher respectively, on strong overseas demand, mainly from China.

Malaysia's oil-palm yields for January and February are expected to be quite low, so there's room for prices to go higher in February and early March.

Looming farmers' strike and La Nina induced dry conditions in Argentina have given jitters to the international commodity market.

Malaysia's CPO s February contracts closed at MYR 3,729 (3,718) and March at 3,715(3,699) MYR.

Indore NBOT soya oil February contracts ended at Rs 650 (Rs 648).

Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 760 (765), soya refined oil 620 (618), Sunflower exp. ref. 670 (670), Sunflower ref. 725 (725), Rapeseed ref. oil 642 (633), Rapeseed expeller ref. 612 (603), Cotton ref. oil 604 (601) and Palmolein was 580 (578).

Published on January 21, 2011

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