Refineries hike soya oil prices

Our Correspondent Mumbai | Updated on April 29, 2014 Published on April 29, 2014

Prices of edible oils on the spot market were mixed on Tuesday, while the futures market tended to be bearish after witnessing high volatility during the day. Local refineries increased their rates for soya oil by ₹3for 10 kg but kept palmolein rates unchanged. Lack of demand kept morale weak.

On the Bombay Commodity Exchange, palmolein, sunflower and groundnut oil ruled steady but soya oil, cotton and rapeseed oil increased by ₹5, ₹5 and ₹2 for 10 kg each. Vikram Global Commodities (P) Ltd, Chennai quoted ₹635/10kg Malaysian super palmolein. Liberty was quoting palmolein at ₹616 for June, super palmolein ₹636 for June and soyabean refined oil ₹675 for June. Ruchi quoted palmolein ₹612 for May and ₹610 for June, soyabean refined oil ₹675 for June 1-15 and sunflower refined oil ₹672 for June 1-30. Allana was quoting palmolein at ₹612, soyabean refined oil ₹674,sunflower refined oil ₹671. At Rajkot, groundnut oil Telia tin was steady at ₹1,125 and Loose (10 kg) at ₹710.

Malaysia BMD crude palm oil’s May futures settled lower at MYR 2,690 (MYR 2,717), June MYR 2,652 (MYR 2,688) and July MYR 2,636 (MYR 2,672).

BCE spot rates (₹/10 kg): groundnut oil 760 (760), soya refined oil 675 (670), sunflower exp. ref. 610 (610), sunflower ref. 670 (670), rapeseed ref. oil 697 (695), rapeseed expeller ref. 667 (665) cottonseed ref. oil 675 (670) and palmolein 610 (610).

Published on April 29, 2014
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