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Edible oil prices continued to post moderate gains on Wednesday ahead of festival season. Imported palmolein and soyabean refined oil rose by Rs 5 and Rs 4 for 10 kg each. On expectation of higher demand, groundnut oil rose by Rs 30, cotton refined oil by Rs 10, Sunflower oil by Rs 5 and Rapeseed/Mustard oil by Rs 10.
According to an industry observer, low arrivals of new crop and sharp rebound in global futures pushed up edible oil prices in physical market. Consumer demand is likely to pick up for Navaratri and Dasara starting from next week.
In Mumbai, after witnessing sharp jump in volumes previous day late evening (about 2,400-2,500 tonnes of imported oils were traded) stockists preferred to keep away from fresh bet on Wednesday. About 300-350 tonnes of palmolein and soyabean refined oil were traded in which Ruchi sold 150-200 tonnes palmolein at Rs 510 for Oct 20–Nov 30 and 40 – 50 tonnes of soyabean refined oil at Rs 647. Another 80 – 100 tonnes of palmolein were resale traded in ready at Rs 516-517 ex JNPT.
Towards the day’s close, Liberty was quoting palmolein at Rs 524 , Rs 513-516 for Oct 15-Nov 15, super palmolein Rs 575 for Oct 15-Nov 15, soya refined oil Rs 650 for up to Nov 15. Ruchi quoted palmolein at Rs 510 for Oct 20- Nov 30, super palmolein Rs 571 for Oct 20 – Nov 30, soya refined oil Rs 647 for Oct – Nov and sunflower refined oil Rs 691 for Oct –Nov. Allana’s rates were Rs 522 for palmolein and Rs 570 for super palmolein.
On the National Commodities and Derivatives Exchange, soyabean refined oil November futures dropped to Rs 638.50 (Rs 641.30), December was lower at Rs 641.50 (Rs 645.95) and January was Rs 646.55 (Rs 651.50).
Malaysia's crude palm oil November futures settled at MYR 2,385 (2,384), December at MYR 2,457 (2,438) and January at MYR 2,525 (2,504) a tonne. In Saurashtra – Rajkot, groundnut oil Telia tin was Rs 1,780 (Rs 1,800) and loose 10 kg was Rs 1,170 (Rs 1,175).
The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,150 (1,120), soya refined oil 645 (641), sunflower exp. ref. 635 (630), sunflower ref. 690 (690), rapeseed ref. oil 820 (810), rapeseed expeller ref. 790 (780) cotton ref. oil 655 (645) and palmolein 520 (515).
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