Commodities

Malaysian cues perk up edible oils

| Updated on: Apr 19, 2012
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Edible oils improved after a rebound in Malaysian palm oil and domestic soya oil futures on Thursday. Talk of increase in tariffs and hopes of a lower-than-expected slowdown in Malaysian palm oil exports lifted the markets. A broker said due to higher sales in the resale market imported soya refined oil and palmolein dropped by Rs 3 and Rs 2 for 10 kg. Cottonseed refined oil declined by Rs 5 and rapeseed and mustard oil slipped by Rs 25 for 10 kg.

About 550-600 tonnes of palmolein were traded. Ruchi sold about 250 tonnes of palmolein for May delivery at Rs 660, Liberty sold about 200 tonnes at Rs 652-654, and resellers sold about 150 tonnes at Rs 650-652 for April delivery. Towards the end of the day in the physical market, Liberty quoted palmolein at Rs 663-664 for April, soya refined oil at Rs 730 and sunflower refined oil at Rs 735. Ruchi quoted palmolein at Rs 652-654, soya refined oil at Rs 721-725 and sunflower refined oil at Rs 730-735. Resellers offered palmolein at Rs 648-650. In Saurashtra and Rajkot, groundnut oil was Rs 1,860 (Rs 1,860) for a telia tin and Rs 1,220 (Rs 1,210) for loose (10 kg).

Malaysian crude palm oil's May contracts settled at 3,495 ringgit (3,500 ringgit) and June at 3,489 ringgit (3,489 ringgit) a tonne.

On the National Board of Trade in Indore, soya refined oil's May contracts closed at Rs 763.50 (Rs 758.50) and June at Rs 766.50 (Rs 762).

The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,225 (1,225), soya refined oil 719 (722), sunflower seed exp. ref. 660 (660), sunflower seed ref. 730 (735), rapeseed ref. oil 800 (825), rapeseed expeller ref. 770 (795) cottonseed ref. oil 690 (695) and palmolein 648 (650).

Published on April 19, 2012

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