Imported edible oils extended gains on Thursday on higher demand ahead of the festival season and covering and buyback by a Gujarat-based refinery on expectation of slightly late arrivals of import shipment.

Local demand was poor as stockists and retailers had covered sufficient stocks early this month. Crude palm oil (CPO) futures weakened on Bursa Malaysia Derivatives (BMD) amid lingering worries over the health of major economies in Europe and the US. Palmolein rose by Rs 1 and soya refined oil increased by Rs 4. Rapeseed oil lost Re 1 for 10 kg. Groundnut oil, sunflower oil and cotton oil remained steady in.

Around 1,800-2,000 tonnes of palmolein changed hands on Thursday. It included buyback of nearly 500 tonnes by a Gujarat-based refinery at Rs 550 and sale by a Mumbai-based refinery of 800-1,000 tonnes at Rs 555.

Resellers sold 300-400 tonnes of palmolein at Rs 551-552. Liberty offered palmolein at Rs 557, soya oil at Rs 639 and sunflower oil at Rs 700. Ruchi quoted palmolein at Rs 553, soya refined oil at Rs 635 and sunflower oil at Rs 700.

Malaysia's BMD CPO September contract closed at MYR3,148 (MYR3,153), October at MYR3,068 (MYR3,073) and November MYR3,026 (MYR3,033) a tonne. September contract of soya oil on National Board of Trade in Indore closed at Rs 651.50 (Rs 655.50) and October at Rs 633.50 (Rs 638.60).

Mumbai Commodity Exchange spot prices (Rs/10 kg): groundnut oil 970 (970), soya refined oil 638 (634), sunflower exp. ref. 655 (655), sunflower ref. 705 (700), rapeseed ref. oil 693 (694), rapeseed expeller ref. 663 (664), cotton ref. oil 655 (655) and palmolein 553 (552).

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