Mustard oil extended its gain on Wednesday by Rs 5 for 10-kg to hit Rs 830 for 10 kg – the highest since April 17.
As the market has gone up sharply in last 10 days most traders – stockists chose to stay away from fresh buying and concentrated on fulfilling old commitments. A Mumbai-based edible oil broker, Mr Shailesh Kataria, said that poor monsoon in the oilseeds growing areas, and strong dollar making import parity costlier are supporting the sentiment. Increased price gap in soya oil futures between near and far months indicate a strong and bullish sentiment ahead. August futures were higher by Rs 10 than July against the normal Rs 2-5 difference, he said.
In absence of demand, about 80-100 tonnes of palmolein were traded in resale at Rs 609-610 ex- JNPT. There were no direct trade with refiners. Liberty quoted palmolein at Rs 617-619, super palmolein at Rs 650, soya oil at Rs 740 and sunflower refined oil at Rs 745. Ruchi quoted palmolein at Rs 618 for July and Rs 623 for August. Soya refined oil was offered at Rs 740-745. Sunflower refined oil was quoted at Rs 745-750. Allana’s rate for palmolein was Rs 615. Bunge quoted palmolein at Rs 615. In Saurashtra – Rajkot, groundnut oil dropped by Rs 20 to Rs 1,820 (Rs 1,840) for Telia tin and by Rs 20 to Rs 1,180 (Rs 1,200) for loose-10kg.
Malaysia's crude palm oil August contract settled at MYR 3,011 (MYR 3,023), September at MYR 3,016 (MRY 3,032) and October at MYR 3,019 (MYR 3,037) a tonne. The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,185 (1,185), soya refined oil 735 (735), sunflower exp. ref. 670 (670), sunflower ref. 745 (745), rapeseed ref. oil 830 (825), rapeseed expeller ref. 800 (795) cotton ref. oil 705 (705) and palmolein 612 (612).