Groundnut oil shot up by Rs 15 for 10 kg in Mumbai edible oils market on Friday, the highest in this year tracking firm trend in Saurashtra market where loose groundnut oil (10 kg) rate crossed the Rs 1,000-mark or Rs 100 a kg.

Palmolein continued to slide for the second consecutive day. It dropped by Rs 4 due to lack of demand and despite rebound in Malaysian palm oil futures. Rapeseed oil rose by Rs 7 for 10 kg, erasing previous days loss of Rs 8. Sunflower oil, soya oil and cotton oil ruled steady.

According to a local wholesaler, there were few buyers ahead of Ganeshotsav festival next week. About 200-250 tonnes of palmolein were traded at Rs 548. For indigenous oils, lack of demand continued as their prices are far higher than palmolein. Price discount of Rs 90-100/10 kg for palmolein kept traders interested in buying. Towards the day's close, resellers were quoting palmolein at Rs 548-Rs 550.

Liberty's rates for palmolein was Rs 553, soya oil Rs 638, sunflower oil Rs 695. Ruchi was quoting palmolein Rs 554, soya refined oil Rs 635 and sunflower oil Rs 697.

Malaysia's CPO futures and NBOT futures: Malaysia's BMD CPO futures, September-11 closed at 3,094 (3,108), October-11, 3,016 (3,030) and November-11, 2,975 (2,994) MYR a tone. Indore, NBOT soya oil September -11, futures was steady at Rs 658.50 (Rs 658) and October-11, at Rs 645.20 (Rs 645).

Mumbai Commodity Exchange spot rate (Rs/10 kg): groundnut oil 985 (970), soya refined oil 638 (638), sunflower exp. ref. 660 (660), sunflower ref. 705 (705), rapeseed ref. oil 692 (685), rapeseed expeller ref. 662 (655), cotton ref. oil 655 (655) and palmolein 553 (557).

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