Commodities

Indigenous oils rule steady; palmolein slips

Our Correspondent Mumbai | Updated on August 14, 2012 Published on August 14, 2012

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Edible oil prices ruled steady barring imported palmolein which declined by Rs 3 and Sunflower oil which rose by Rs 5 for 10 kg on Tuesday. Malaysian crude palm oil futures fell to the lowest level in 10 months, as investors liquidated positions amid worries about a build-up in palm oil inventories at a time when CPO production is seasonally higher.

Groundnut, soya, rapeseed and cotton oil ruled steady. Morale was firm on expectation of higher demand in the coming days.

A Mumbai-based broker said on expectation of higher consumer demand in coming days and continuous decline witnessed in Malaysian palm oil, local traders took chance to cover palmolein at lower price. About 1,500-1,600 tonnes of palmolein were traded during the day for August - September delivery. Ruchi sold 500-600 tones at Rs 605, Liberty sold 500-600 tonnes at Rs 606-607 and Vaibhavi sold about 300- 400 tonnes at Rs 601- 603.

Liberty was quoting palmolein at Rs 608-609, super palmolein Rs 650, soya oil Rs 745 and sunflower refined oil Rs 766. Ruchi quoted palmolein at Rs 605 for September. Soya refined oil was Rs 741-743, sunflower refined oil Rs 765-768. Allana’s rate for palmolein was Rs 606 and super palmolein Rs 650 for 1-15 September. Vaibhavi quoted palmolein at Rs 603 for 1-15 September. In Saurashtra – Rajkot, groundnut oil witnessed mixed trend. Telia tin was lower Rs 5 to Rs 1,875 and loose (10 kg) was higher by Rs 5 to Rs 1,230 . Malaysia's crude palm oil September contracts settled at MYR 2,811 (MYR 2,830), October was MYR 2,858 (MYR 2,871) and November closed at MYR 2,891 (MYR 2,900) a tonne.

The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,220 (1,220), soya refined oil 740 (740), sunflower exp. ref. 705 (700), sunflower ref. 765 (760), rapeseed ref. oil 880 (880), rapeseed expeller ref. 850 (850) cotton ref. oil 740 (740) and palmolein 605 (608).

Published on August 14, 2012
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