Commodities

Mixed trend in edible oils

Our Correspondent Mumbai | Updated on March 25, 2013 Published on March 25, 2013

BL26_COM2_COOKING_OIL

The edible oils market witnessed a mixed trend on Monday. Imported palmolein gained Rs 2 for 10 kg despite weak futures while soyabean refined oil ruled unchanged. Improved demand for low-price oils pushed up crefined oil by Rs 6 and rapeseed oil by Rs 3 for 10 kg. Groundnut and sunflower oil ruled steady.

Local refineries have raised their rates for palmolein on expectation of higher demand but weaker closing of Malaysian CPO futures capped the overall volume, said sources.

Shailesh Kataria of Riddhi Brokers said, “Stockists have covered more than 5,000 tonnes of palmolein last week tracking gain in Malaysian palm oil futures. But lower palm oil exports have resulted in profit-booking. Stockists, after making good commitments for palmolein last week, kept away from fresh bulk buying risk”.

Towards the day’s close, Liberty was quoting palmolein at Rs 510 ex-Shahpur and Rs 515 ex-JNPT, super palmolein Rs 550 and sunflower refined oil Rs 780. Ruchi was quoting palmolein Rs 518 Patalganga, soyabean refined oil Rs 641 and sunflower refined oil Rs 771. Allana quoted super palmolein Rs 548. In Saurashtra – Rajkot, groundnut oil ruled steady at Rs 1,850 for telia tin and Rs 1,200 (Rs 1,200) for loose (10 kg).

Malaysian BMD crude palm oil’s April contracts closed lower at MYR 2,428 (MYR 2,460), May at MYR 2,457 (MYR 2,485) and June at MYR 2,460 (MYR 2,493) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,200 (1,200), soya refined oil 640 (640), sunflower exp. ref. 680 (680), sunflower ref. 765 (765), rapeseed ref. oil 705 (702), rapeseed expeller ref. 675 (672) cottonseed ref. oil 612 (606) and palmolein 512 (510).

Published on March 25, 2013
This article is closed for comments.
Please Email the Editor