18/02/2012 (Hindu Business Line) - Barring rapeseed oil which fell by Rs 19 for 10 kg, edible oils ruled firm on Friday, tracking Malaysian palm oil that rebounded and firm projection for Chicago soya oil futures. Groundnut oil rose by Rs 5 for 10 kg, in line with a sharp rise in Saurashtra. Sunflower oil increased by Rs 5, cotton oil improved by Re 1 and palmolein was up by Rs 4 for 10 kg. Soya refined oil was unchanged.

A leading wholesaler said due to absence of local demand and ample stocks there were hardly any new commitments. Continuous arrival of imported oils in Mumbai and lack of storage facility led to selling.

Resellers traded about 100-150 tonnes of palmolein at Rs 565-568. Retail level demand was also less than expected. Demand for groundnut, sunflower and cotton oil was also absent despite firm trend in producing centres.

Liberty quoted palmolein at Rs 572-574. Ruchi offered it at Rs 563, soya refined oil at Rs 668-671 and sunflower refined oil at Rs 670-672. Allana quoted palmolein at Rs 570 and Mewah at Rs 565.

In Saurashtra and Rajkot, groundnut oil jumped by Rs 30 to Rs 1,680 for a telia tin, and by Rs 20 to Rs 1,100 for loose (10 kg).

Malaysian crude palm oil March contract settled at 3,213 ringgit (3,175 ringgit), April at 3,231 ringgit (3,186 ringgit) and May at 3,242 ringgit (3,189 ringgit) a tonne.

On the National Board of Trade, Indore, soya refined oil March-12 futures was higher at Rs 703 (Rs 693.40) and April-2012 closed higher at Rs 694 (Rs 688.70).

Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,065 (1,060), soya refined oil 666 (666), sunflower exp. ref. 618 (615), sunflower ref. 675 (670), rapeseed ref. oil 746 (765), rapeseed expeller ref. 716 (735), cotton ref. oil 616 (615) and palmolein 565 (561).