Edible oil prices continued their bullish run on tight supply and consequent uptrend in Malaysian palm oil futures on Thursday.
Imported palmolein and soyabean refined oil rose further by Re 1 and Rs 5, while indigenous cotton refined oil edged up by Rs 17 for 10 kg due to non-availability of washed cottonseed oil. Sunflower oil gained Rs 10 and rapeseed/mustard oil improved by Rs 5.
Surprisingly, groundnut oil dropped by Rs 15 despite steady reports from Saurashtra – Rajkot where groundnut oil
Local refineries have increased the rates tracking firm foreign markets. During the day, about 1,400-1,500 tones of palmolein and soyabean refined oil were traded for ready and forward delivery.
Ruchi sold 450-500 tonnes of palmolein and 350-400 tonnes of soyabean refined oil. Liberty sold 350-400 tonnes of palmolein while in resale about 150-200 tonnes were traded.
Towards the day’s close, Liberty was quoting palmolein at Rs 524-527 for October 15-November 15, super palmolein at Rs 585 for October 15-November 15, soya refined oil Rs 655 and sunflower oil Rs 700 for October.
Ruchi quoted palmolein at Rs 520, super palmolein Rs 581, soya refined oil Rs 655 and sunflower refined oil Rs 697. Allana’s rates were Rs 522 for palmolein and Rs 575 for super palmolein.
On the NCDEX , soyabean refined oil November futures were up by Rs 7.90 at Rs 647.30 , December were higher at Rs 651.65 (Rs 642.60) and January was Rs 657.55 (Rs 647.80).
Malaysia's crude palm oil November futures settled higher at MYR 2,453 (2,385), December at MYR 2,523 (2,457) and January at MYR 2,586 (2,525) a tonne.
The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,135 (1,150), soya refined oil 650 (645), sunflower exp. ref. 645 (635), sunflower ref. 700 (690), rapeseed ref. oil 825 (820), rapeseed expeller ref. 795 (790) cotton ref. oil 672 (655) and palmolein 521 (520).