Imported edible oils surge on US soya report

Our Correspondent Mumbai | Updated on August 13, 2013 Published on August 13, 2013

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Imported oils such as palmolein and refined soyabean oil surged by Rs 10 and Rs 9, respectively, for 10 kg on Tuesday, tracking bullish global trend.

The US Department of Agriculture’s report that soyabean production would be lower than initial estimates due to rain in May and June affecting the US crop lifted the oils and oilseeds compled.

Cotton and rapeseed oils gained by Rs 5 and Rs 2 each. Groundnut and sunflower oils rule unchanged. The sentiment was firm on cues from firm overseas market and higher demand ahead of festivals, said sources.

During the day, Ruchi sold 140-150 tonnes palmolein at Rs 555 and 150-200 tonnes soyabean refined oil at Rs 645 and 80-100 tonnes sunflower refined oil at Rs 800. Resellers offloaded 200-250 tonnes palmolein at Rs 548-552 for ready delivery. At the end of the day, Liberty quoted palmolein at Rs 555, super palmolein Rs 582 and super deluxe Rs 602, soyabean refined oil Rs 650 and sunflower refined oil Rs 810. Ruchi quoted palmolein Rs 555, Soyabean refined oil Rs 645 and sunflower refined oil Rs 800. Allana quoted palmolein Rs 555, super palmolein Rs 582, soyabean refined oil Rs 650 and sunflower refined oil Rs 805. Gokul quoted palmolein at Rs 550. In Rajkot, groundnut oil declined by Rs 5 to Rs 1,515 (Rs 1,520) for telia tin and loose (10 kg) Rs 975 (Rs 975). Soyabean arrivals were around 58,000 bags and its prices were Rs 3,450-3,500 ex-mandi and Rs 3,550-3,575 for plant delivery. Mustard seeds arrivals dropped to 40,000 bags and the prices were Rs 3,270-3,600.

On the National Commodities and Derivatives Exchange, soyabean refined oil September futures were higher by Rs 8.35 to Rs 662.70 (Rs 654.35), October up by Rs 6.20 to Rs 631.35 (Rs 625.15) and November increased by Rs 4.50 to Rs 624.80 (Rs 620.30).

Malaysia BMD crude palm oil September futures settled higher at MYR 2,326 (MYR 2,276), October at MYR 2,297 (MYR 2,242) and November at MYR 2,291 (MYR 2,236).

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 990 (990), soya refined oil 645 (636), sunflower exp. ref. 720 (720), sunflower ref. 800 (800), rapeseed ref. oil 697 (695), rapeseed expeller ref. 667 (665) cottonseed ref. oil 650 (645) and palmolein 550 (540).

Vikram Global Commodities (P) Ltd has quoted Rs 590 for 10 kg, ex-stock for Malaysia super palmolein and Rs 595 for forward delivery.

Published on August 13, 2013
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