In the edible oils market, palmolein extended gain by Rs 3 a 10 kg on tight supply position in ready on Monday.

The Malaysian market was closed for a public holiday. Sunflower oil rose by Rs 5. Rapeseed oil rose by Rs 8-18 on renewed demand-based positive sentiment at producing centres. In palmolein, the spread between spot and forward widened to Rs 10 due supply crunch.

Vessels carrying imported edible oils are expected at Indian ports only after May 10. Till then, the ready market may rule positive on short supply. Lack of fresh demand due to summer holidays arrested the price rise and the volume was nominal. Refineries have increased their rates for forward delivery.

A wholesaler said in the absence of fresh retail or stockists demand prices of groundnut oil, soya oil and cotton oil remained unchanged. Palmolein extended gain only because of tight supply position in spot. Refineries were quoting delivery from May 15.

A Mumbai-based wholesaler said despite tight supply in palmolein volume was very thin. Few needy buyers bought about 80-100 tonnes in the range of Rs 575-578 in resale. Liberty quoted palmolein Rs 568, Ruchi's rate for palmolein was Rs 572, soya refined oil was Rs 606 and sunflower oil Rs 675. Allana quoted palmolein at Rs 568. In Saurashtra, groundnut oil ruled steady at Rs 1,275 (Rs 1,275) a telia tin and Rs 830 (Rs 830) for 10 kg loose.

Mumbai commodity exchange spot rate (Rs a 10 kg): Groundnut oil 840 (840), soya refined oil 607 (607), Sunflower expeller refined 635 (630), sunflower refined 685 (680), rapeseed refined oil 630 (612), rapeseed expeller refined 590 (582), cotton refined oil 595 (595) and palmolein 578 (575).

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