Refiners hike palmolein rates on strong global cues

Our Correspondent

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Mumbai, February 6:  

Extended gain in the futures market kept the sentiment positive in the edible oils market on Thursday, despite lower volumes. Local refineries increased their rates for palmolein by ₹4-5 for 10 kg, tracking firm Malaysian palm oil futures.

On the Bombay Commodity Exchange, imported palmolein and soyabean refined oil rose by ₹4 and ₹2 each. Rapeseed and cotton refined oil also rose by same margin. Groundnut and sunflower oil ruled unchanged. Domestic soya oil futures closed higher by over one per cent as speculators increased their positions on improved demand in physical markets, said sources.

In Mumbai, volumes were lower due to limited demand. Most of activities were limited in resale. During the day, hardly 300-350 tonnes of palmolein were resale traded in the range of ₹580-583. Indigenous edible oils were under pressure on expectation of higher Rabi crops but arrivals of kharif crops have not picked up as expected till now.

Towards the day’s close, Liberty was quoting palmolein at ₹589, super palmolein ₹609, super deluxe palmolein ₹629 and soyabean refined oil ₹657. Ruchi quoted palmolein ₹590, soyabean refined oil ₹650 and sunflower refined oil ₹663. Allana was quoting palmolein at ₹589, super palmolein ₹605, soyabean refined oil ₹655 and sunflower refined oil ₹670.

At Rajkot, groundnut oil dropped to ₹1,160 (₹1,175) for telia tin and loose (10 kg) declined to ₹740 (₹750).Vikram Global Commodities (P) Ltd quoted ₹612/10 kg for Malaysia super palmolein February delivery.

Malaysia BMD crude palm oil’s February contracts settled higher at MYR 2,565 (MYR 2,540), March at MYR 2,563 (MYR 2,542) and April at MYR 2,568 (MYR 2,546).

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 760 (760), soya refined oil 650 (648), sunflower exp. ref. 605 (605), sunflower ref. 663 (663), rapeseed ref. oil 697 (693), rapeseed expeller ref. 667 (663) cottonseed ref. oil 622 (620) and palmolein 579 (573).

(This article was published on February 6, 2014)

Keywords: Extended gain, edible oils, local refineries