Edible oils market got a boost from the Malaysian market, which closed higher, on Wednesday.

In the domestic market, new demand for forward delivery rose in line with the foreign market. In Mumbai, soya refined and cotton refined oils rose by Re 1 each. Rapeseed oil declined by Rs 6 for 10 kg. Groundnut oil and sunflower oil ruled steady.

Crude palm oil futures (CPO) on Bursa Malaysia Derivatives (BMD) rebounded on buying interest amid supportive export figures. A wholesaler said palmolein volumes increased as stockists covered for forward delivery. However, trade was negligible in the spot/ready market because of less-than-expected demand for imported and indigenous oils.

A refinery directly traded 1,800-2,000 tonnes of palmolein at Rs 575-578 for 10 kg for delivery in June-July. Higher new arrivals of rabi oilseeds in producing centres kept indigenous oils steady. Liberty was quoting palmolein at Rs 582. Ruchi's rates were: for palmolein Rs 578, for soya refined oil Rs 622 and for sunflower oil Rs 685. Allana's palmolein was at Rs 582.

Malaysia's BMD CPO June contract was at MYR3,515 (MYR3,460), July at MYR3,461 (MYR3,408) and August at MYR3,416 (MYR3,380) a tonne. Indore NBOT soya June contract closed at Rs 647.20 (Rs 640.10) and July at Rs 654 (Rs 641.50).

Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 860 (860), soya refined oil 623 (622), sunflower exp. ref. 635 (635), sunflower ref. 690 (690), rapeseed ref. oil 641 (647), rapeseed expeller ref. 611 (617), cotton ref. oil 626 (625) and palmolein was 575 (577).

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