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Edible oil prices continued their bullish run on Tuesday, tracking sharp rise in futures.
In Mumbai, imported palmolein and soyabean refined oil rose by Rs 2 and Re 1 for 10 kg each. Hopes of higher festival demand and lower than expected arrivals of new crop pushed up groundnut oil further by Rs 20 and cotton refined oil by Rs 14. Rapeseed – mustard oil increased by Rs 5. After a gap of 3-4 days, trade activities improved on stockists buying.
Local refineries sold 500-700 tonnes of palmolein at Rs 507-510 for Oct 15–Nov 15 delivery and about 100 tonnes of soyabean refined oil at Rs 641 . Apart from that, about 100-150 tonnes of palmolein were traded in resale at Rs 510-512. Towards the day’s close, Liberty was quoting palmolein at Rs 507-510 for Oct 15-Nov 15, super palmolein Rs 565 , Soya refined oil Rs 645 for Nov 15. Ruchi quoted palmolein at Rs 515 for ready and Rs 505 for Oct 20-Nov 30, super palmolein Rs 565 for Oct 20-Nov 30, soya refined oil Rs 641 for Oct – Nov and sunflower refined oil Rs 691 for Oct –Nov. Allana’s rates were Rs 515 for palmolein and Rs 565 for super palmolein.
On the National Commodities and Derivatives Exchange, soyabean refined oil November futures jumped by Rs 20.65 to Rs 640.90 , December was up by Rs 20.90 to Rs 645.50 and January by Rs 20.15 to Rs 651.40 . Malaysia's crude palm oil November contracts settled at MYR 2,384 (2,314), December MYR 2,438 (2,368) and January MYR 2,504 (2,430) a tonne. In Saurashtra-Rajkot, groundnut oil Telia tin was flat at Rs 1,800 and loose 10 kg was down by Rs 25 to Rs 1,175.
The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,120 (1,100), soya refined oil 641 (640), sunflower exp. ref. 630 (630), sunflower ref. 690 (690), rapeseed ref. oil 810 (805), rapeseed expeller ref. 780 (775) cotton ref. oil 645 (631) and palmolein 515 (513).
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