21/04/2012 (Hindu Business Line) - Edible oils were firm on Friday, after crude palm oil futures rebounded in Malaysia. In the local market, among imported oils, palmolein increased by Rs 3 for 10 kg, while soya refined oil ruled unchanged. Sunflower and cotton oil were unchanged. Rapeseed/mustard oil rose by Rs 5 for 10 kg on value buying. Groundnut oil declined by Rs 10 for 10 kg, despite prices rising in Saurashtra.

Local stockists placed new orders, following a strong Malaysian market. In the resale market, volume increased for ready and near deliveries. Traders said about 700-750 tonnes of palmolein were traded. Resellers traded about 350-400 tonnes at Rs 647-648. Another 200-250 tonnes of palmolein were sold at Rs 650 for delivery on May 5. Ruchi sold about 100-150 tonnes at Rs 660 for May delivery.

Towards the day's close, Liberty quoted palmolein at Rs 663, soyabean refined oil at Rs 730 and sunflower refined oil at Rs 735. Ruchi quoted palmolein at Rs 653, soya refined oil at Rs 721-725 and sunflower refined oil at Rs 730-735. In Saurashtra and Rajkot, groundnut oil was up Rs 25 to Rs 1,885 for a telia tin and by Rs 10 to Rs 1,225 for loose (10 kg).

Malaysia's crude palm oil's May contracts settled at 3,515 ringgit (3,495 ringgit), June at 3,510 ringgit (3,489 ringgit) and July at 3,500 ringgit (3,477 ringgit) a tonne. On the National Board of Trade in Indore, soya refined oil for May delivery closed at Rs 765.60 (Rs 763.50) and for June at Rs 771.20 (Rs 766.50).

The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,215 (1,225), soya refined oil 719 (719), sunflower seed exp. ref. 660 (660), sunflower seed ref. 730 (730), rapeseed ref. oil 805 (800), rapeseed expeller ref. 775 (770) cottonseed ref. oil 690 (690) and palmolein 651 (648).