08/11/2012 (Hindu Business Line) - Edible oils witnessed a mixed trend on Wednesday. Imported palmolein and soyabean refined oils made further gain of Rs 2 each tracking steady price rise by local refineries and firm Malaysian palm oil futures.

Groundnut and cotton refined oil dropped by Rs 10 and Rs 3 each on weak reports from producing centres.

Sunflower and rapeseed oils ruled unchanged. Local refineries increased their rates for palmolein and soyabean refined oil in the range of Rs 3-5.

Market sources said tracking weak reports from producing centres and a bounce back in Indian currency kept stockists away from fresh buying. About 250-300 tonnes of palmolein were traded in the range of Rs 513-515 during the day. Stockists have contracted imported edible oils at higher rates well in advance (End Sept or start of Oct) now they preferred to fulfil those commitments. Barring palmolein, there were no activities in other oils. At the end of the day, Liberty was quoting palmolein at Rs 518-520 and super palmolein Rs 578, soya refined oil Rs 667, Ruchi palmolein Rs 514, Super palmolein Rs 575, soyabean refined oil Rs 663 and sunflower refined oil Rs 723. Allana’s rate for super palmolein was Rs 574. In Saurashtra – Rajkot market, groundnut oil Telia tin was up Rs 10 to Rs 1,760 (Rs 1,750) and loose 10 kg ruled steady at Rs 1,150 (Rs 1,150). Malaysia’s crude palm oil December -12 futures inched up higher at MYR 2,330 (2,325), January-13 at MYR 2,397 (2,372) and February settled at MYR 2,450 (MYR 2,425) a tonne.

The Bombay Commodity Exchange spot rates were (Rs/10 kg): Groundnut oil 1,150 (1,160); soya ref oil 660 (658); sunflower exp. ref. 665 (665); sunflower ref. 720 (725); rapeseed ref. oil 835 (835); rapeseed expeller ref. 805 (805); cotton ref. oil 685 (688) and palmolein 515 (513).