Groundnut oil continued to rise in the edible oils market on the back of extended gains at the producing level for the fourth straight day on Thursday.

In Saurashtra, loose groundnut oil shot up to Rs 950 for 10 kg on tight supplies as exporters continued buying nuts. Reduced arrivals of soyabean and rapeseed at the producing level pushed up rapeseed oil by Rs 4. Soya oil and palm oil witnessed declines of Rs 2 and Rs 3, tracking a weak Malaysian market.

Volumes in the spot market rose as new stocks were bought directly from refineries. Groundnut oil rose by Rs 10 and cotton oil by Re 1 for 10 kg. An oil miller said continuing demand for nuts from farmers for sowing and exporters has made squeezed supplies of seeds, making it difficult for millers who need it crushing. In Rajkot, groundnut oil telia tin shot up by Rs 305 to Rs 1,420 (Rs 1,385) and loose (10 kg) increased by Rs 30 to Rs 925 (Rs 895).

Market sources said demand was less than expected in Mumbai. Buying improved after refineries reduced prices. .A refinery sold 250-300 tonnes of palmolein at Rs 574 and 500 tonnes of soya oil at Rs 634.

Resellers sold 200-250 tonnes of palmolein at Rs 570-571. Liberty was quoting palmolein at Rs 576. Ruchi's rates were: for palmolein Rs 574, for soya refined oil Rs 634 and for sunflower oil Rs 692. Allana's palmolein was at Rs 574.

The July contract of crude palm oil futures on Bursa Malaysia Derivatives closed at MYR3,307 (MYR3,340), August at MYR3,287 (MYR3,316), September at MYR3,280 (MYR3,313) a tonne. Indore NBOT soya oil June contract closed at Rs 649.30 (Rs 649.70) and July at Rs 652.50 (Rs 652.70).

Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 900 (890), soya refined oil 634 (636), sunflower exp. ref. 650 (650), sunflower ref. 700 (700), rapeseed ref. oil 674(670), rapeseed expeller ref. 644 (640), cotton ref. oil 635 (634) and palmolein 572 (575).

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