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Edible oil market continued to maintain its uptrend on Wednesday. Consistent buying from brand makers and stockists amidst restricted arrivals of new crops in key producing regions, kept price movement upward for the fourth consecutive day. Malaysian BMD CPO futures closed marginally higher after moving both ways, tracking CBOT soya oil and steady demand.
Mumbai market
In the Mumbai market, palmolein rose further by Rs 1, soya refined oil increased by Rs 2, groundnut oil up by Rs 5, cotton refined oil gained by Rs 3 and rapeseed oil increased by Rs 2 for 10 kg. Sunflower oil ruled steady. In the last four days, groundnut oil jumped by Rs 40, palmolein went up by Rs 15 and soya oil increased by Rs 14, in line with firm foreign market and support of fresh local demand.
China rate hike
Mr Mahendra Joshi, oil miller of Bhavnagar – Talaja, said, BMD CPO futures closed higher despite China's rate hike. India's NBOT soya futures opened higher, tracking rise foreign market, but could not sustain the rally. Groundnut oil prices maintained its uptrend due to consistent buying from brand makers and stockists, amidst restricted arrivals in key producing regions where peanut / groundnut exporters were active.
In Rajkot, groundnut oil telia tin/loose rose by Rs 5 to Rs 1,245 for telia Tin and Rs 805 for 10 kg loose. BMD CPO futures closed marginally higher by 2, 7, and 10 ringgits a tonne. Expectation of higher production and stocks of palm oil in April-11 is arresting up side rally. For soya, the national and international scenario is turning supportive.
Sources on Wednesday said in the Mumbai market about 100/120 tonnes palmolein was resale traded at Rs 561-562 and other 500 tonnes was sold by Liberty in the range of Rs 563-565. The absence of fresh local demand keeps volume range bound. Direct trade with refineries was absent. Liberty was quoting palmolein at Rs 565, Ruchi's rates for palmolein was Rs 560, soya refined oil Rs 602 and sunflower oil Rs 665 and Allana was offering palmolein at Rs 565 for 10 kg. Resalers were quoting at Rs 562, he added.
Malaysia's CPO futures - NBOT futures:
Malaysia's BMD CPO futures April -11 closed at MYR 3,411 (3409), May -11 at 3386 (3379) and June – 11 closed at 3,376 (3,366) MYR a tonne. Indore, NBOT soya oil futures April – 11 was Rs 617 (Rs 616) and May-11 was Rs 630 (Rs 628).
Mumbai commodity exchange spot rate (Rs/10kg):
Groundnut oil 805 (800), soya refined oil 604 (602), sunflower exp. ref. 630 (630), sunflower ref. 675 (680), rapeseed ref. oil 607 (605), rapeseed expeller ref. 577 (575), cotton ref. oil 598 (595) and palmolein was 567 (566).
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