Commodities

Foreign markets heat up edible oils

Our Correspondent Mumbai | Updated on July 20, 2011 Published on July 20, 2011

edible

Gains in Malaysian palm oil and Chicago soya oil futures gave oilseeds and edible oils market a fillip here on Wednesday.

Most edible oils rose as local refineries increased prices of palmolein, soya oil and sunflower oil, tracking global markets. In step with soya oil in Chicago, crude palm oil (CPO) futures extended gains on Bursa Malaysia Derivatives (BMD). Local refineries sold palmolein, soya oil and sunflower oil for Rs 4-5 more for 10 kg each. Volumes remained need-based as resellers booked profits. Only 150-200 tonnes of palmolein was traded directly at Rs 540-544 as retail demand was lacking. Resellers sold palmolein at Rs 545.

Among indigenous oils, groundnut, rapeseed, sunflower and cotton oils rose as arrivals of seeds declined and selling reduced due to higher parity. In Mumbai, Liberty sold palmolein at Rs 550 and soya oil at Rs 645. Ruchi sold palmolein at Rs 546, soya refined oil at Rs 642 and sunflower oil at Rs 695. Allana's palmolein was at Rs 546. In Rajkot and Saurashtra, groundnut oil remained unchanged at Rs 1,485 for a telia tin and at Rs 965 for loose (10 kg)on sufficient rain and higher sowing area.

Malaysia's BMD CPO August contract closed at MYR3,157 (MYR3,125), September at MYR3,155 (MYR3,125) and October at MYR3,153 (MYR3,107) a tonne. August contract for soya oil on National Board of Trade in Indore closed at Rs 663.20 (Rs 665.50) and September at Rs 657 (Rs 660).

Mumbai Commodity Exchange spot rate (Rs/10 kg): Groundnut oil 960 (955), soya refined oil 644 (640), sunflower exp. ref. 655 (650), sunflower ref. 710 (705), rapeseed ref. oil 693 (680), rapeseed expeller ref. 663 (650), cotton ref. oil 660 (656) and palmolein 544 (541).

Published on July 20, 2011
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