09/07/2013 (Hindu Business Line) - Weak domestic currency helped edible oils gain on Monday despite subdued demand on the oils and oilseeds market. As stronger dollar makes import costlier, local refineries increased their rates for imported oils by Rs 12-15 for 10 kg that pushed up soyabean refined oil by Rs 10, sunflower oil by Rs 10-15 and palmolein by Rs 7 in Mumbai markets. Rapeseed oil inched up by Rs 5.

With outlook being positive for the kharif crop, groundnut and cotton oil ruled steady. A broker said that the drop in the rupee is the driving force of the uptrend in edible oils Soyabean arrivals were about 90,000-95,000 bags and its prices were Rs 3,500-3,600 a quintal ex-mandi and Rs 3,700-50 for plant delivery. Mustard seeds arrivals were 1 lakh bags and the prices were Rs 3,080-3,600.

Towards the day’s close, Liberty was quoting palmolein at Rs 550-552, super palmolein Rs 587 and super deluxe Rs 607. Ruchi quoted palmolein at Rs 555 for July 18, soyabean refined oil Rs 670 for July-August and sunflower refined oil Rs 821 for July. Allana’s rate for palmolein was Rs 549-552 and for super palmolein Rs 585. Gokul was quoting palmolein at Rs 550 for July 15.

In Rajkot, groundnut oil dropped by Rs 30 to Rs 1,480 for telia tin and by Rs 25 to Rs 950 for loose (10 kg).

Malaysia BMD crude palm oil August contracts settled lower at MYR 2,378 (MYR 2,385), September at MYR 2,376 (MYR 2,385) and October at MYR 2,369 (MYR 2,379) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 975 (975), soya refined oil 670 (660), sunflower exp. ref. 755 (745), sunflower ref. 820 (805), rapeseed ref. oil 695 (690), rapeseed expeller ref. 665 (660) cottonseed ref. oil 665 (665) and palmolein 542 (535).

Vikram Global Commodities, Chennai quoted Malaysian super palmolein at Rs 590 for 10 kg - July delivery.