10/02/2012 (Hindu Business Line) - Despite lower-than-expected local demand, edible oils rose on Thursday as local refiners increased prices tracking firm overseas markets. Arrivals of oilseeds dropped in producing centres and soya oil futures firmed up.

Malaysian palm oil futures fell amid worries over Greece's debt-restructuring talks.In Mumbai, sunflower seed and rapeseed oils rose by Rs 5 each for 10 kg, cottonseed refined oil by Rs 6, imported soyabean refined oil by Rs 10 and palmolein by Re 1 for 10 kg; groundnut oil declined by Rs 5.

Resellers traded about 100-150 tonnes of palmolein at Rs 558-560. Stockists stayed away from the market as they had covered enough quantity on Tuesday.

Irregular arrivals of groundnut hit its oil production in Saurashtra. Output is likely to be around 11-12 lakh tonnes, lower than 15-16 lakh tonnes that was expected. Export demand for groundnut has left little for millers. Liberty quoted palmolein at Rs 566. Ruchi offered it at Rs 560-562, soya refined oil at Rs 665 and sunflower refined oil at Rs 668. Allana quoted palmolein at Rs 566. In Saurashtra and Rajkot, groundnut oil was unchanged at Rs 1,655 for a telia tin and at Rs 1,075 for loose (10 kg). Malaysian palm oil's March contract settled at 3,145 ringgit (3,158 ringgit) and April at 3,148 ringgit (3,155 ringgit) a tonne. On the National Board of Trade in Indore, soya refined oil's February contract closed higher at Rs 704.20 (Rs 701.50) and March at Rs 699.60 (Rs 694.30).

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil — 1,050 (1,055), soya refined oil — 665 (655), sunflower seed exp. ref. — 610 (605), sunflower seed ref. — 675 (670), rapeseed ref. oil — 762 (757), rapeseed expeller ref. — 732 (727), cottonseed ref. oil — 621 (615) and palmolein — 560 (559).