Groundnut oil continues to rise

Our Correspondent Mumbai | Updated on April 01, 2011



In the Mumbai edible oil market, groundnut oil made yet another jump of Rs 5 on Friday taking total rise of Rs 20 in last three days.

Imported oils palmolein rose by Rs 4 and soya refined oil increased by Rs 7 per 10 kg, on higher closing of Malaysia and firm Dalian Vegetable oil market. Cotton oil and rape seed oil rose by Rs 3 and Rs 6 respectively. The improved sentiment was led by foreign market and a bull run in domestic futures market. Direct trade with the refineries led higher volume in physical market, said market sources.

Groundnut oil continues to rise on back lower arrivals in Gujarat. In Rajkot, groundnut oil telia tin / loose rose by Rs 55 / Rs 35 in last three days to Rs 1,230 / Rs 800 on Friday. In line with foreign market domestic NBOT soya future also rose sharply by Rs 6.

BMD CPO futures closed higher by 22, 15, and 14 ringgits on a bullish soya bean report by the USDA, SGS's estimate of 2.3 per cent higher Malaysia March CPO exports and gains in Dalian vegetable oils. Soybeans gained on speculation that reduced planting in the US, and rains in Brazil slowing collection of the oilseeds will curb production. US soya beans jumped more than 3 per cent after a government report showed quarterly stocks shrunk more than expected.

Market sources said, due to the three-day holiday from Saturday to Monday, stockists entered fresh buying. About 120-150 tones tonnes were resale traded at Rs 555/ Rs 556 in ready delivery and about 700-800 tonnes of palmolein was traded directly with refineries. Liberty has sold about 200-250 tonnes at Rs 556 and Ruchi has sold 500-550 tonnes at Rs 553-556 for near future.

Last Liberty was quoting palmolein at Rs 558, Ruchi's rate for palmolein was Rs 556, soya refined oil Rs 600 and sunflower oil Rs 665 and Allana was offering Palmolein at Rs 557 for 10 kg. There were no buyers for indigenous oils in ready.

Malaysia's CPO futures - NBOT futures: Malaysia's BMD CPO futures April closed at MYR 3,400 (MYR 3,378), May at MYR 3,360 (MYR 3,345) and June closed at MYR 3,340 (MYR 3,326) a tonne. Indore, NBOT soya oil futures April jumped to Rs 603.50 (Rs 597.50) and May was Rs 618.50 (Rs 607.80).

Mumbai commodity exchange spot rate (Rs/10kg): Groundnut oil 770 (765), Soya refined oil 598 (591), Sunflower exp. ref. 620 (620), Sunflower ref. 670 (670), Rapeseed ref. oil 600 (594), Rapeseed expeller ref. 570 (564), Cotton ref. oil 585 (582) and Palmolein 556 (552).

Published on April 01, 2011

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