24/03/2012 (Business Times) - Most edible oils shot up by Rs 5-10 on Friday, taking cues from gains made by Malaysian palm oil futures. The Bombay Commodity Exchange was closed for Guddi Padava festival.

Imported palmolein and soya oil rose, tracking a jump in foreign and domestic futures markets, while indigenous oils increased because of bullish rabi crop reports. Sources said local refiners raised prices of palmolein, soya oil and sunflower oil. A weak rupee against the dollar has made imports costlier. Besides, local demand is less than expected even as imports rise. Resellers traded about 100-150 tonnes of palmolein at Rs 595 for ready delivery at Jawaharlal Nehru Port Trust. Liberty quoted it at Rs 610-611, soya refined oil at Rs 700 and sunflower refined oil at Rs 705. Ruchi quoted palmolein at Rs 607-609, soya refined oil at Rs 693 and sunflower refined oil at Rs 695. Allana offered palmolein at Rs 605-607.

In Saurashtra and Rajkot, demand from exporters lifted groundnut oil further to Rs 1,820 (Rs 1,800) for a telia tin and to Rs 1,190 (Rs 1,180) for loose (10 kg).

Malaysian crude palm oil's April contracts settled at 3,370 ringgit (3,367 ringgit), May at 3,436 ringgit (3,346 ringgit) and June at 3,426 ringgit (3,342 ringgit) a tonne. On the National Board of Trade in Indore, soya refined oil for April delivery closed at Rs 743 while for May closed at Rs 742.

Mumbai spot rates in Rs/10 kg: groundnut oil 1,180 (1,175), soya refined oil 695 (690), sunflower exp. ref. 645 (640), sunflower ref. 710 (705), rapeseed ref. oil 830 (820), rapeseed expeller ref. 800 (790), cottonseed ref. oil 670 (665) and palmolein 600 (595).