Global cues drive up palmolein

Our Correspondent Mumbai | Updated on March 09, 2018


Palmolein and soya oil prices increased on Thursday taking cues from foreign markets and also because of fresh local demand. Malaysian market initially rose to a one-week peak because of high crude oil prices but prices came down again.

Ready volume in the Bursa Malaysia Derivatives crude palm oil futures market was limited and need based. Palmolein and soya oil gained by Rs 8, cotton refined and rapeseed oil rose by Rs 5 and Rs 4 per 10 kg respectively. Groundnut oil and sunflower oil remained unchanged.

Market sources said that on Wednesday about 1,800- 2,000 tonnes of palmolein was traded at increased rates. Most of the volume was bought by refineries.

On Thursday, there was no direct trade with refineries. Only need-based orders were taken — about 50/60 tonnes of palmolein was traded for Rs 582-584. During January and February, stockists had contracted a good quantity of palmolein for delivery in March at higher rates (more than Rs 610). Local demand is not as expected but it may pick up ahead of Holi.

Dhulia side millers were quoting cotton oil at Rs 618. In Rajkot market, groundnut oil increased by Rs 10 to Rs1,175 per 10 kgs for telia tin and by Rs 5 to Rs 760 for 10 kgs for loose, sources added.Malaysia crude palm oil futures for March closed at MYR 3650 (3665), April at 3630 (3624), May at 3600 (3590) MYR a tonne. Mumbai commodity exchange spot rate (Rs/10kgs):

Groundnut oil 755 (755), soya refined oil 623 (615), sunflower exp. ref. 655 (655), sunflower ref. 710 (710), rapeseed ref. oil 640 (636), rapeseed expeller ref. 610 (606), cotton ref. oil 614 (609) and palmolein 584 (576).

Published on March 03, 2011

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