Groundnut oil extended its gains to a record Rs 1,025 for 10 kg in the Mumbai edible oil market on Wednesday, tracking a sharp jump in the Saurashtra market on extremely tight supplies.

Palmolein, soya oil, cotton oil, rapeseed oil and sunflower oil were steady to slightly weak on lack of fresh demand as the market was officially closed for Ramzan. Volumes were negligible with players staying on the sidelines. According to a wholesaler, trading activity was dull due to the thin presence of traders. Though refineries quoted lower rates, in the absence of retail business on account of Ramzan, there were few takers. Though resellers were eager to sell at lower rates than importers, there were no buyers. The market will remain closed on Thursday and Friday.

Local demand is also low and less-than-expected despite the beginning of the festival season. A mere 40–50 tonnes of palmolein was resale traded in the range of Rs 556-557. There was no demand in indigenous oils.

Resellers last quoted palmolein at Rs 557. Liberty's rate for palmolein was Rs 562, soya oil Rs 648 and sunflower oil Rs 705. Ruchi was quoting palmolein at Rs 561, soya refined oil at Rs 645 and sunflower oil at Rs 705. Allana's palmolein was quoted at Rs 561 for 10-20 and 20-30 September. Palmolein for October delivery was quoted at Rs 559–560. In Rajkot–Saurashtra, groundnut oil shot up to Rs 1,040–1,050 for loose 10 kg on tight supply and lack of sellers. Cotton wash ruled at Rs 635–637, sources said.

In the Mumbai market, the nominal price for 10 kg of groundnut oil was Rs 1,020–Rs 1,025; soya refined oil Rs 645-Rs 646; sunflower exp. ref. Rs 660; sunflower ref. Rs 705; rapeseed ref. oil Rs 692; rapeseed expeller ref. Rs 662; cotton ref. oil Rs 658 and palmolein Rs 557.

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