31/10/2013 (Hindu Business Line) - Edible oils prices shot up on Wednesday, tracking a firm futures market. Local refineries increased their rates for palmolein by Rs 7-11 and for soyabean refined oil by Rs 5-11 for 10kg.

Domestic soya oil futures gained almost two per cent on fear of heavy crop loss in Maharashtra, Madhya Pradesh and Gujarat.

On the Bombay Commodity Exchange, imported palmolein and soyabean refined oil increased by Rs 10 each. Cotton refined oil was up by Rs 8. Groundnut, rapeseed and sunflower oil ruled unchanged.

Sources said that activities were limited in resale resell for ready or nearby delivery.

Higher closing of Malaysian palm oil futures and firm projection for Chicago soya oil futures kept the sentiment was bullish in physical markets.

Towards the day’s close, Liberty was quoting palmolein at Rs 597, super palmolein Rs 630 and super deluxe Rs 650, soyabean refined oil Rs 715 and sunflower refined oil Rs 810.

quoted palmolein Rs 593 ex-JNPT for November 5 and Rs 595 ex Patalganga for November 1-20, super palmolein Rs 627 for November 1-20, soyabean refined oil Rs 711 for October and sunflower refined oil Rs 755 for November 5-15. Allana was quoting palmolein at Rs 595-600, super palmolein Rs 627, super deluxe Rs 647, soyabean refined oil Rs 715 and sunflower refined oil Rs 820.

In Rajkot, groundnut oil declined by Rs 35 to Rs 1,285 for telia tin and loose (10 kg) dipped by Rs 25 to Rs 825.

Malaysia BMD crude palm oil’s November futures closed higher at MYR 2,585 (MYR 2,527), December at MYR 2,557 (MYR 2,507) and January at MYR 2,547 (MYR 2,498).

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 850 (850), soya refined oil 710 (700), sunflower exp. ref. 705 (710), sunflower ref. 780 (785), rapeseed ref. oil 752 (752), rapeseed expeller ref. 722 (722) cottonseed ref. oil 698 (690) and palmolein 590 (580).

Vikram Global Commodities (P) Ltd quoted Rs 665/10 kg for Malaysia super palmolein November delivery.