Spot price of edible oils prices on Tuesday extended gains marginally on expectation of supply constraint in coming days. Prices moved up despite lower closing of Malaysian market and price cut by local refineries. The volume was negligible.

In Mumbai market, groundnut oil rose by Rs 10/10 kg despite weak reports from Saurashtra where higher arrivals weighed on the sentiment. Soya refined oil increase by Rs 4, palmolein by Re 1 and sunflower oil rose by Rs 5 for 10 kg. Rapeseed oil and cotton oil rule unchanged on steady demand. Meanwhile Chinasold 97,160 tonnes of rapeseed oil from State reserves at an auction on Tuesday, 97 per cent of the amount it offered, the National Grain & Oil Trade Center said.A wholesale trader said that crude palm oil futures extended losses on profit-taking, broad-based losses in commodities including crude and soya oil and weaker export data for April 1-25. Also sluggish spot demand and rising stocks are pressuring CPO. In the absence of local demand due to vacation, fresh volume of trade was very thin. Merely 40-50 tonnes of palmolein changed hand in the range of Rs 565-566. There was no buyer for other oils. Liberty's was quoting palmolein Rs 560, Ruchi's rate for palmolein was Rs 561, Rs 605 for soya refined oil and Rs 670 for sunflower oil. Allana's palmolein was Rs 560. Resellers quoted palmolein at Rs 565-566.

Malaysia's CPO May contracts ended at MYR 3,400 (3412) and June at MYR 3,355 (3,380) a tonne. Indore NBOT soya oil May contracts ended at Rs 619.80 (Rs.626) and June at Rs 629.80 (Rs 636).

Mumbai commodity exchange spot rate (Rs/10kgs) :Groundnut oil 850 (840); soya refined oil 605 (601); sunflower exp ref 630 (630); sunflower ref 680 (675); rapeseed ref oil 615 (615); rapeseed expeller ref 585 (585); cotton ref oil 598 (598) and palmolein was 567 (566).

Related Topics
comment COMMENT NOW