Commodities

Malaysian markets keep edible oils bullish

Our Correspondent Mumbai | Updated on March 19, 2012 Published on March 19, 2012

edible

Imported palmolien and soya oil extended gains by Rs 4 for 10 kg each on Monday as Malaysian markets turned bullish and local refiners increased quotations on higher import costs. In the past four days, both oils have risen by Rs 16 and Rs 12.

Cottonseed refined oil, under pressure since the Centre banned exports, declined by Rs 5 for 10 kg. Malaysian crude palm oil futures retreated further as market participants sold on technical cues and on a decline in Chicago soya oil futures.

Groundnut oil, sunflower seed oil and rapeseed oil ruled unchanged. Groundnut oil rose by Rs 30 in Saurashtra on renewed export demand for nuts, said traders.

Resellers traded about 80-100 tonnes of palmolien at Rs 592-593. Wholesalers placed no new orders because of ample stocks.

Liberty quoted palmolein at Rs 600-601. Ruchi offered it at Rs 600, soya refined oil at Rs 695 and sunflower seed refined oil at Rs 700. Allana quoted it at Rs 600. In Saurashtra and Rajkot, export demand for nuts pushed up groundnut oil by Rs 30 to Rs 1,800 for a telia tin and by Rs 15 to Rs 1,175 for loose (10 kg).

Malaysian crude palm oil's April contract settled lower at 3,370 ringgit (3,394 ringgit), May at 3,368 (3,400 ringgit) and June at 3,373 ringgit (3,398 ringgit) a tonne. On the National Board of Trade in Indore, soya refined oil for April delivery closed at Rs 737.80 (Rs 741) while May was Rs 736.20 (Rs 735).

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,170 (1,170), soya refined oil 694 (690), sunflower seed exp. ref. 645 (645), sunflower seed ref. 710 (705), rapeseed ref. oil 810 (810), rapeseed expeller ref. 780 (780) cottonseed ref. oil 660 (665) and palmolein 594 (590).

Published on March 19, 2012
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