Commodities

Malaysian cues drive up palmolein

Our Bureau Mumbai | Updated on March 04, 2011

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Edible oils market ruled firm on cues from higher Malaysian market and hike in prices by refineries. Palmolein rose by Re 1. Other oils ruled higher. Indore NBOT soya oil futures increased after Thursday's fall.

Ready business volume in the market was limited and need-based. Refineries sold about 700-800 tonnes palmolein for forward delivery. Selling pressure from producing centres kept volume almost zero in indigenous oils. Soya refined oil lost Re1 and rapeseed oil Rs 5. Groundnut oil, sunflower oil and cotton oil were unchanged.

At the local level, Liberty quoted palmolein at Rs 590. Ruchi's rates for palmolein were Rs 586, for soya refined oil Rs 625. Allana increased the rates of palmolein to Rs 590 in evening.

A wholesale trader, Mr. Dinesh Thakkar, said that about 700-800 tonnes of palmolein were traded directly by refineries in the price range of Rs 585-588. About 100-150 tonnes of palmolein were traded in resale the range of Rs 580-582. Dhulia line producers quoted soya refined oil at Rs 624 and cotton refined oil at Rs 615.

In Rajkot market, groundnut oil, on eased supply and lack of demand, decreased Rs 20 to Rs 1,155 (Rs 1175) for Telia tin and Rs 10 to Rs 745 (Rs 755) for loose 10 kg.

Malaysia's crude palm oil March contracts closed at MYR 3,709 (3,650), April at MYR 3,689 (3,630) and May at MYR 3,660 (3,600) a tonne. Indore NBOT soya oil March contracts ended at Rs 636.30 (Rs 629.30) and April at Rs 646.90 (Rs 640) for 10 kg.

Mumbai commodity exchange spot rate (Rs/10kg):Groundnut oil 755 (755), soya refined oil 622 (623), sunflower expeller refined oil 655 (655), sunflower refined oil 710 (710), rapeseed refined oil 635 (640), rapeseed expeller refined oil 605 (610), cotton refined oil 614 (614) and palmolein 585 (584).

Published on March 04, 2011

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