Mixed trend in edible oil prices

Our Correspondent Mumbai | Updated on February 07, 2011

Edible oil on display at a departmental store. Photo:S.R.Raghunathan   -  Business Line

Edible oil prices in Mumbai witnessed a mixed trend on Monday.

Groundnut oil declined by Rs 5 as sellers from Karnataka were offering lower price along with weak reports from the Saurashtra market.

Cotton oil and Palmolein were up by Rs 3 and Rs 4 on resale buying support. Soya oil, sunflower oil and rapeseed oil were steady. The Malaysian market closed lower.

In the Rajkot market, groundnut oil Telia tin was at Rs 1,160 (Rs 1,160) and loose was at Rs 745 (Rs 750) per 10 kg.

Indore NBOT soya future declined in line with foreign markets. Volume was thin with most of the resale stock at lower rates. Morale was steady, said traders.

Edible oil broker Mr Meghjibhai said, in absence of active demand and high price difference between refineries/importers and resale kept volumes at a nominal level in the last few days.

On Monday in the Mumbai market 120 tonnes Palmolein was resale traded in the range of Rs 604.

Another 40-50 tonnes were resale traded in the range of Rs 607-608. Direct refineries were quoting higher rates.

In indigenous oil, Dhulia line sellers sold 30-40 tonnes of cotton refined oil in the range of Rs 620- Rs 623 per 10 kg. Liberty was quoting Palmolein at Rs 615-618, Ruchi's rates for Palmolein was at Rs 613-615, Soya refined oil Rs 635 and sunflower refined oil Rs 706 after quoting Rs 711 in the morning.

Bhogibhai group was quoting Palmolein at Rs 605. Malaysian BMD CPO futures closed lower after fluctuating in early trade. It closed lower by 13, 25 and 27 ringgits. Last week BMD CPO futures rallied to their highest level due to heavy floods in the southern state of Johor.

Malaysia's CPO futures - NBOT futures

Malaysia's BMD CPO futures February-10 closed at MYR 3910 (3923), March-11 was at 3890 (3915) MYR. Indore NBOT soya oil futures February-11 declined to Rs 649 (Rs 653) and March-11 to Rs 666.50 (Rs 670.70).

Mumbai commodity exchange spot rate (Rs/10kg)

Groundnut oil 760 (765), Soya refined oil 630 (630), Sunflower exp. ref. 680 (680), Sunflower ref. 725 (720), Rapeseed ref. oil 660 (660), Rapeseed expeller ref. 630 (630), Cotton ref. oil 620 (617) and Palmolein was 608 (604).

Published on February 07, 2011

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