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A mixed trend was witnessed in imported edible oils on Wednesday with palmolein rising by Rs 2 for 10 kg and soya refined oil dropping by Rs 2 on cues from foreign market. Indigenous oils such as groundnut oil rose by Rs 5 and cotton oil increased by Re 1on firm reports from producing centres. Sunflower oil and rapeseed oil remained unchanged in absence of fresh demand. Malaysian crude palm oil futures were off lows on mild buying interest amid higher Chicago soya oil futures in the morning; but later closed lower. The downside was limited, though, due to tight global supplies and strong palm oil export demand. A leading broker said that the rupee's drop to a four-month low buoyed buying sentiment among stockists resulting in higher volume in palmolein compared with the last two days. Sources said that stockists came up with fresh orders for near-term delivery. They covered nearly 600-700 tonnes of palmolein for delivery on May 10 in the range of Rs 658-660 from a leading refinery. Another 250-300 tonnes were traded in resale at Rs 660-661 for ready delivery. In Arrivals of the summer groundnut have begun in Saurashtra at a slower pace. They are expected to rise sharply in coming days.
Liberty quoted palmolein at Rs 668-669, Soyabean refined oil Rs 740 and Sunflower refined oil at Rs 745. Ruchi quoted palmolein at Rs 662 for May 10 delivery, soya refined oil at Rs 733 and sunflower refined oil at Rs 738. Allana's rate for palmolein was Rs 668 for May 15-31 delivery. Bunge quoted palmolein at Rs 664 for May 20 delivery.
Resellers offered palmolein at Rs 660-661. Saurashtra – Rajkot groundnut oil ruled unchanged at Rs 1,985 (Rs 1,985) for Telia tin and Rs 1,300 (Rs 1300) for loose - 10kg.
Malaysia's crude palm oil contracts closed lower at MYR 3,463 a tonne (MYR 3,474) for June, at MYR 3,452 (MYR 3,471) for July and at MYR 3,438 (MYR 3,444) for August. The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,260 (1,255), soya refined oil 728 (730), sunflower exp. ref. 670 (670), sunflower ref. 740 (740), rapeseed ref. oil 820 (820), rapeseed expeller ref. 790 (790) cotton ref. oil 705 (704) and palmolein 662 (660).
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