08/03/2012 (Hindu Business Line) - Groundnut oil shot up by Rs 30 to a Rs 1,150 for 10 kg on Wednesday, tracking a bull run in Saurashtra. Imported palmolein rose by Rs 3 for 10 kg, in line with firm Malaysian futures. Cottonseed oil improved by Rs 4 and rapeseed oil by Rs 3 for 10 kg.

Volume was need-based in absence of buyers ahead of Holi on Thursday. Market will be close for the festival.

Malaysian crude palm oil futures improved sharply after vegetable oil analysts forecast a bullish outlook at a palm oil industry conference on Wednesday in Kuala Lumpur. They said global soya oil and palm oil prices are expected to rise because of poor South American soyabean harvests and as rising regional bio-fuel mandates limit soya oil export, forcing buyers to switch to palm oil.

Sources said local refiners continue to avoid quoting for palmolein. Resellers traded about 150-200 tonnes of palmolein at Rs 580-582. Ruchi offered super palmolein at Rs 605, soya refined oil at Rs 682 and sunflower seed refined oil at Rs 692. In Saurashtra and Rajkot, Groundnut oil increased by Rs 15 to Rs 1,780 for a telia tin and to Rs 1,165 for loose (10 kg) on export buying.

Malaysia's crude palm oil's March contract settled at 3,255 ringgit (3,217 ringgit), April at 3,275 ringgit (3,237 ringgit) and May at 3,266 ringgit (3,244 ringgit) a tonne. On the National Board of Trade in Indore, soya refined oil for March delivery closed at Rs 719.20 (Rs 710) and for April at Rs 729 (Rs 721.70).

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,150 (1,120), soya refined oil 680 (680), sunflower seed exp. ref. 635 (635), sunflower seed ref. 695 (695), rapeseed ref. oil 785 (782), rapeseed expeller ref. 755 (752), cottonseed ref. oil 640 (636) and palmolein 579 (576).