Edible oils made further gains on Thursday tracking firm futures market and also on expectation of higher physical demand ahead of festivals. Groundnut oil extended gain for the second consecutive day by Rs 30 for 10 kg following a rally in Saurashtra where it rose by Rs 70 in the last two days. Rapeseed, cotton and palmolein increased by Rs 2-3 for 10 kg. Soyabean and sunflower oil ruled steady.
In the local market, about 80-100 tonnes of palmolein were traded in resale at Rs 528-530. Liberty sold 500-600 tonnes of palmolein at Rs 536 for July and 80-100 tonnes of super palmolein at Rs 573-575. Ruchi sold 450-500 tonnes of soyabean refined oil at Rs 660 for July. Towards the day’s close, Liberty was quoting palmolein at Rs 536, super palmolein Rs 575 and super deluxe Rs 600. Ruchi quoted palmolein at Rs 540 for July 14 and Rs 545 for July 15-31, super palmolein at Rs 575, soyabean refined oil Rs 661 for July, Rs 663 for August and sunflower refined oil Rs 810 for July. Allana’s rate for palmolein was Rs 538 and for super palmolein Rs 575. Gokul was quoting palmolein at Rs 535 for July 15 and Rs 540 for July 16-31.
In Rajkot, groundnut oil rose for the second consecutive day by Rs 40 to Rs 1,480 for telia tin and by Rs 25 to Rs 950 for loose (10 kg).
Malaysian BMD crude palm oil ’s August contracts settled at MYR 2,374 (MYR 2,368), September at MYR 2,371 (MYR 2,365) and October at MYR 2,362 (MYR 2,358) a tonne. The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 960 (930), soya refined oil 660 (660), sunflower exp. ref. 750 (750), sunflower ref. 805 (805), rapeseed ref. oil 690 (688), rapeseed expeller ref. 660 (658) cottonseed ref. oil 658 (655) and palmolein 530 (528). Vikram Global Commodities, Chennai quoted Malaysian super palmolein at Rs 578 ex-Chennai for July delivery.