Imported oils rise as domestic seed arrivals drop

Our Correspondent Mumbai | Updated on August 16, 2011 Published on August 16, 2011


Imported soya oil and palmolein gained Rs 2 each for 10 kg tracking initial firm reports from foreign markets and lower seed arrivals at domestic producing centres. Rapeseed oil rose by Re 1, while groundnut oil, cotton oil and sunflower oil remained unchanged despite absence of demand.

Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) shaved off initial gains made during the day as soya-oil and crude-oil futures weakened. While domestic refiners have increased prices for palmolein and soya oil, resellers choose to stick to lower rates, traders said. Need-based demand kept volumes thin. Resellers traded 80-100 tonnes of palmolein at Rs 550-551. Retail demand eased. Liberty offered palmolein at Rs 555, soya oil at Rs 638 and sunflower oil at Rs 695. Ruchi quoted palmolein at Rs 552, soya refined oil at Rs 634 and sunflower oil at Rs 695. Allana offered palmolein at Rs 553. Importers reduced price for palmolein by Rs 2-3 for delivery in September or October. In Rajkot and Saurashtra, groundnut oil was up by Rs 10 to Rs 1,485 for telia tin and to Rs 965 for loose (10 kg).

Malaysia's BMD CPO September contract closed at MYR3,131 (MYR3,148), October at MYR3,046 (MYR3,070) and November at MYR3,002 (MYR3,036) a tonne. September contract of soya oil on National Board of Trade in Indore rose to Rs 653.50 (Rs 651.90) and October was up at Rs 637 (Rs 636.70).

Mumbai Commodity Exchange spot prices (Rs/10 kg): Groundnut oil 965 (965), soya refined oil 634 (632), sunflower exp. ref. 650 (650), sunflower ref. 700 (700), rapeseed ref. oil 690 (689), rapeseed expeller ref. 660 (659), cotton ref. oil 655 (655) and palmolein 551 (549).

Published on August 16, 2011
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