25/10/2013 (Hindu Business Line) - Edible oils – both spot and futures – witnessed a firm trend on Thursday. However, the surge in the spot market was marginal on slack demand and in the futures, the volatility was higher due to aggressive buying.

In physical market, prices for palmolein, soya oil, cotton and groundnut oil rose by Rs 5-10 each for 10 kg, tracking extended gain in soya oil futures. Local market may see some correction as Malaysian palm oil futures dropped on Thursday, snapping four straight days of gains.

Sources said that high volatility in the futures market kept stockists away from making fresh prcuahses.

Local refineries kept their rates unchanged but some traders booked profits by reselling at lower rates. Very small quantity of palmolein was resold in the range of Rs 577-583.

Market may see some correction but the under current will remain positive until arrivals of domestic seeds does not improve.”

Towards the day’s close, Liberty was quoting palmolein at Rs 585, super palmolein Rs 625 and super deluxe Rs 645, soyabean refined oil Rs 710 and sunflower refined oil Rs 820.

Ruchi quoted palmolein at Rs 579 ex-JNPT and Rs 582, super palmolein Rs 617, soyabean refined oil Rs 705 and sunflower refined oil Rs 771. Allana was quoting palmolein at Rs 579-582, super palmolein Rs 613 and sunflower refined oil Rs 820.

In Rajkot, groundnut oil extended gains by Rs 60 to Rs 1,330 for telia tin and loose (10 kg) higher by Rs 30 to Rs 850.

Malaysia BMD crude palm oil’s November futures settled lower at MYR 2,472 (MYR 2,488), December at MYR 2,462 (MYR 2,481) and January at MYR 2,464 (MYR 2,482).

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 860 (840), soya refined oil 702 (695), sunflower exp. ref. 735 (735), sunflower ref. 785 (785), rapeseed ref. oil 741 (740), rapeseed expeller ref. 711 (710) cottonseed ref. oil 705 (700) and palmolein 580 (575).

Vikram Global Commodities (P) Ltd quoted Rs 646/10 kg for Malaysia super palmolein November delivery.