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The undercurrent in the edible oils market improved on Friday despite imported palmolein declining by Re 1 and groundnut oil by Rs 5/10 kg as demand eased. The extended weakness in the dollar against the rupee encouraged stockists to cover imported palmolien for forward delivery during the evening trade as Malaysian palm oil futures closed higher for the second consecutive day. Cotton refined oil rose by Rs 2, while soyabean refined, sunflower oil and rapeseed-mustard oil rule unchanged. A Mumbai-based broker said that stockists took advantage of the weakness in the dollar by buying palmolein for delivery up to June. In ready delivery, increase selling pressure in resales provided room to buyers to cover at lower rates. The volume, though, was thin in resale. About 2,200-2,300 tonnes of palmolein were traded during the day.
In indigenous oils, producers held on to their price level resulting in activities remaining isolated.
According to sources, Liberty sold around 900 -1,000 tonnes of palmolein at Rs 630-631 and Ruchi sold about 800-1,000 tonnes of palmolein at Rs 628 for June delivery. In resale 250- 300 tonnes of palmolein changed hands in the range of Rs 625 –626 for ready delivery. Towards the day's close, Liberty quoted palmolein at Rs 631-632, soya oil Rs 700 and sunflower refined oil Rs 730. Ruchi quoted palmolein at Rs 628, soya refined oil at Rs 700 and sunflower refined oil at Rs 735.
Resellers quoted palmolein at Rs 629-630. In Rajkot - Saurashtra groundnut oil was up by Rs 20 to Rs 1,920 (Rs 1,900) for Telia tin (15 kg) and by Rs 5 to Rs 1,255 (Rs 1250) for loose – 10 kg.
Malaysia's crude palm oil June contracts closed at MYR 3,100 (MYR 3,060), July at MYR 3,127 (MYR 3,073) and August at MYR 3,130 (MYR 3,069) a tonne. The Bombay Commodity Exchange spot rates were (Rs/10 kg) : groundnut oil 1,185 (1,190), soya refined oil 695 (695), sunflower exp. ref. 665 (660), sunflower ref. 720 (720), rapeseed ref. oil 788 (788), rapeseed expeller ref. 758 (758) cotton ref. oil 662 (660) and palmolein 626 (627).
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