Edible oils rose on Tuesday as local refiners raised prices of palmolein and soya oil by Rs 4-6 for 10 kg, tracking bullish trend in Malaysian and Chicago markets.

However, volumes were negligible in absence of demand. Stockists preferred deliveries of pending contracts. Crude palm oil (CPO) futures rose on Bursa Malaysia Derivatives (BMD) as soya oil gained overnight in Chicago and on reports of crops deteriorating in the US. In Mumbai, groundnut oil rose by Rs 5, soya refined oil increased by Rs 6, palmolein gained Rs 4 and rapeseed oil was up by Rs 4 for 10 kg despite poor demand. Cotton and sunflower oils ruled steady.

Resellers traded 80-100 tonnes of palmolein at Rs 555-557. Market sentiment was firm as new demand is expected to rise during Ganeshotsav that begins next month.

Liberty offered palmolein at Rs 565, soya oil at Rs 639 and sunflower oil at Rs 700. Ruchi quoted palmolein at Rs 560, soya refined oil at Rs 637 and sunflower oil at Rs 700. Allana offered palmolein at Rs 560 for delivery between September 10 and September 30. Groundnut oil was up by Rs 5 to Rs 1,500 for a telia tin and to Rs 980 for loose (10 kg) in Rajkot where markets opened on a firm note after holidays.

Malaysia's BMD CPO September contract closed at MYR3,161 (MYR3,125), October MYR3,104 (MYR3,056) and November MYR3,068 (MYR3,022) a tonne. September contract of soya oil on National Board of Trade in Indore shot up to Rs 664 (Rs 656.60) and October closed at Rs 651.20 (Rs 643).

Mumbai Commodity Exchange spot prices (Rs/10 kg): groundnut oil 970 (965), soya refined oil 640 (634), sunflower exp. ref. 660 (660), sunflower ref. 705 (705), rapeseed ref. oil 695 (691), rapeseed expeller ref. 665 (661), cotton ref. oil 655 (655) and palmolein 558 (554).

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