The edible oils market witnessed a firm trend on Monday on the back of firm futures amid higher physical demand. During the day about 1,500-1,600 tonnes of palmolein, sunflower and soya oil were bought by local stockists, tracking a rebound in Malaysia palm oil and Chicago soya oil futures. Domestic soya oil futures on NCDEX jumped over 1.50 per cent following a bullish undercurrent.
On the Bombay Commodity Exchange, palmolein and soya refined oil increased by ₹2 and ₹4 respectively. Groundnut and sunflower rose by ₹5. Rapeseed and cotton oil ruled steady.
Sources said that firm opening of Malaysian palm oil futures pushed up sentiments in the local markets as stockists came forward with fresh orders. During the day, Liberty sold 180-200 tonnes of palmolein at ₹580 and 90-100 tonnes super palmolein at ₹597. Ruchi sold 250-300 tonnes of refined soya oil and 180-200 tonnes of refined sunflower oil at ₹653-₹658 each. Allana sold 180-200 tonnes of refined soya oil and 180-200 tonnes of refined sunflower oil at ₹655-₹656 each. Resellers offloaded 250-300 tonnes of palmolein at ₹572-573.
Vikram Global Commodities (P) Ltd, Chennai, quoted ₹605 for July delivery of Malaysian super palmolein.
At the end of the day, Liberty was quoting palmolein at ₹582, super palmolein at ₹599 and refined soya oil at ₹660 for July 15. Ruchi was quoting palmolein at ₹580 for July 15, ₹582 for July 15-31 and ₹585 for August 1-15, refined soya oil ₹658 for July and ₹661 for August, and refined sunflower oil for ₹655 for July 1-15, ₹658 for July 15-31 and ₹662 for August. Allana was quoting palmolein at ₹582, refined soya oil ₹658 and refined sunflower oil at ₹657 for July.
In Saurashtra, groundnut oil Telia tin ruled steady at ₹1,110 (₹1,110) and loose (10 kg) was steady at ₹710 (₹710).
Malaysia BMD crude palm oil July contract settled higher at MYR 2,489 (MYR 2,460), August at MYR 2,489 (MYR 2,451) and September at MYR 2,481 (MYR 2,442).
On National Commodities and Derivatives Exchange, refined soya oil July-14 futures was up at ₹694.20 (₹683.50), August-14 was at ₹685.10 (₹673.70) and September-14 was at ₹684.50 (₹671.55).
On The Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 755 (750), soya refined oil 659 (655), sunflower exp. ref. 580 (580), sunflower ref 655 (650), rapeseed ref oil 690 (690), rapeseed expeller ref 660 (660) cottonseed ref oil 665 (665) and palmolein 574 (572).