Rally continues in edible oils

Our Bureau Mumbai | Updated on January 25, 2011 Published on January 25, 2011


Edible oil prices continued to rise for the fourth consecutive day on Thursday, taking cues from strong international fundamentals and overall bullish sentiment in agriculture commodities. The Malaysian market was closed on Thursday due to a holiday.

Indore NBOT soya future declined on absence of cues from Malaysian market. Increased profits booking selling weighed on the sentiment.

On Thursday, in Mumbai market, price increase in soya oil was Rs 2, palmolein Rs 5, and cotton oil Rs 7, rapeseed oil Rs 8 for 10 kg. Sunflower oil price rule steady. Groundnut oil, in absence of demand, ruled unchanged despite the sharp rise in Saurashtra. With limited buying, volume was at usual level. In Mumbai market, about 250 tonnes palmolein was sold in the range of Rs 580-582 and about 150-200 tones were resold in the range of Rs 578-585 for 10 kg by stockist. Liberty was quoting palmolein Rs 599-603 for February/March delivery. Ruchi's rates were Rs 596 for February/March delivery and sunflower oil was Rs 710-715 for January/February.

Less than expected local demand kept volume thin, but firm reports from abroad supported the sentiment. In the Saurashtra - Rajkot market, groundnut oil prices sharply increased by Rs 25 to Rs 1,190 (Rs 1,165) a telia tin and Rs 770 (Rs 765) a 10 kg, he added.

Indore NBOT soya oil February contracts ended at Rs 651 (Rs 654.70).

Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 770 (770), Soya refined oil 622 (620), Sunflower exp. ref. 670 (670), Sunflower ref. 720 (720), Rapeseed ref. oil 655 (647), Rapeseed expeller ref. 625 (617), Cotton ref. oil 612 (605) and palmolein was 584 (579).

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Published on January 25, 2011
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