Edible oils perk up on weak rupee

Our Correspondent Mumbai | Updated on August 12, 2013 Published on August 12, 2013

Higher volumes kept the sentiment positive in the edible oils market on Monday, taking cues from firm overseas market, weak domestic currency and higher local demand ahead of festivals.

In Rajkot, groundnut oil dropped sharply by Rs 40 on hopes that the kharif crop will arrive early, said sources.

During the day, over 2,500 tonnes palmolein and soyabean oils were contracted for delivery up to this month end. Local refineries have increased their rates by Re 1-Rs 2 in evening for the commodities.

At the end of the day, Liberty quoted palmolein at Rs 547, super palmolein at Rs 575 and super deluxe Rs 595, soyabean refined oil Rs 642 and sunflower refined oil Rs 805.

Ruchi quoted palmolein at Rs 546, soyabean refined oil Rs 638 and sunflower refined oil Rs 800. Allana quoted palmolein at Rs 546, super palmolein at Rs 575, soyabean refined oil Rs 640 and sunflower refined oil Rs 800.

Gokul quoted palmolein at Rs 540.

In Rajkot, groundnut oil declined by Rs 40 to Rs 1,520 (Rs 1,560) for telia tin and loose (10 kg) dropped by Rs 25 to Rs 975 (Rs 1,000).

On the National Commodities and Derivatives Exchange, soyabean refined oil’s September futures were higher by Rs 2.90 to Rs 654.70 (Rs 651.80), October up at Rs 625.20 (Rs 624.45) and November increased to Rs 620.30 (Rs 619.60).

Malaysia BMD crude palm oil’s September-13 contracts ended higher at MYR 2,274 (MYR 2,236), October at MYR 2,241 (MYR 2,207) and November at MYR 2,235 (MYR 2,201).

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 990 (990), soya refined oil 636 (635), sunflower exp. ref. 720 (720), sunflower ref. 800 (795), rapeseed ref. oil 695 (694), rapeseed expeller ref. 665 (664) cottonseed ref. oil 645 (645) and palmolein 540 (540).

Vikram Global Commodities (P) Ltd has quoted Rs 585 for 10 kg - ex -stock for Malaysia super palmolein and Rs 590 for forward delivery.

Published on August 12, 2013
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