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Palmolein ruled steady in the edible oils market on Thursday despite tight domestic supplies, even as it rose sharply in the Malaysian market. Groundnut oil remained unchanged, neglecting a sharp rise in price in Saurashtra. Cotton refined oil dropped by Rs 10 and soya oil by Rs 2 for 10 kg on lack of demand. Sunflower oil increased by Rs 5 and rapeseed oil gained Re 1.
Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) closed higher on short-covering, taking cues from a rebound in crude oil and on rising export demand. New deals were few and far between because of poor local demand in the spot market. Retail demand remains tepid despite festivals beginning from Saturday. Higher arrivals of imported oils during the month so far has checked stockist demand. However, short-term supplies in the ready market may be squeezed as importers and refiners are quoting for imported oils for forward deliveries. Resellers offered 150-200 tonnes of palmolein at Rs 548-549 in the spot market. Local refiners raised prices of palmolein by Rs 2 later in the day, tracking improved Malaysian markets. Importers traded 350-400 tonnes of palmolein directly at Rs 547-549 for delivery in September. Liberty quoted palmolein at Rs 554, soya oil at Rs 631 and sunflower oil at Rs 695. Ruchi offered palmolein at Rs 551, soya refined oil at Rs 630 and sunflower oil at Rs 695. Allana quoted palmolein at Rs 552 for delivery between August 20 and August 31. In Rajkot and Saurashtra, groundnut oil shot up by Rs 30 to Rs 1,475 for a telia tin and by Rs 20 to Rs 955 for loose (10 kg) on demand from brand-makers.
Malaysia's BMD CPO September contract closed at MYR3,053 (MYR3,000), October at MYR2,993 (MYR2,937) and November at MYR2,963 (MYR2,907) a tonne. August contract of soya oil closed at Rs 661.50 (Rs 660) and September at Rs 647.40 (Rs 648).
Mumbai Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 965 (965), soya refined oil 630 (632), sunflower exp. ref. 655 (650), sunflower ref. 700 (700), rapeseed ref. oil 683 (682), rapeseed expeller ref. 653 (652), cotton ref. oil 650 (660) and palmolein 549 (549).
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