24/05/2012 (Hindu Business Line) - The sentiment in imported edible oils improved on Tuesday after the Malaysian crude palm oil futures closed higher.

Stockists bet on fresh buying inquiry for forward delivery as a strong dollar made imports costlier.

Price for palmolein was up by Rs 2-3 on late Tuesday evening, in line with price rise by leading refineries. Groundnut oil shot up by Rs 15, tracking a spike of over Rs 80 for 10 kg “loose” in last four days in producing centre Saurashtra.

Volumes in palmolein increased on improved local demand. In local market, fear of uncertainty over rupee value and costlier import parity, stockists came forward with fresh orders for forward delivery. About 150-200 tonnes of palmolein was resale-traded in the range of Rs 623-625. Liberty quoted palmolein at Rs 626-627; soya oil at Rs 700 and sunflower-refined oil at Rs 730. Ruchi quoted palmolein at Rs 624-625; soya refined oil at Rs 695 and sunflower refined oil at Rs 730. Allana quoted palmolein at Rs 628. Resalers were quoting palmolein at Rs 625. . In Rajkot/Saurashtra, fresh buying support pushed up groundnut oil by Rs 20 to Rs 1,940 (Rs 1,920) for Telia tin and by Rs 25 to Rs 1,265 (Rs 1240) for loose (10kg).

Malaysia's crude palm oil June contracts closed at MYR 3,110 (MYR 3,100), July at MYR 3,114 (MYR 3,102) and August at MYR 3,110(MYR 3,098) a tonne. The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,185 (1,170), soya-refined oil 693 (695), sunflower exp. ref. 655 (660), sunflower ref. 720 (720), rapeseed ref. oil 790 (798), rapeseed expeller ref. 760 (768) cotton ref. oil 668 (670) and palmolein 622 (622).