01/11/2013 (Hindu Business Line) - The sentiment in the edible oils market remained firm on Thursday, tracking bullish futures. Despite routine demand in the physical market, local refineries raised their rates for palmolein to Rs 600.

Malaysian palm oil extended gain for the fourth consecutive day on firm buying interest amid concerns that forecast of wet weather in the major oil-palm growing States could disrupt harvesting and transportation of the commodity.

On the Bombay commodity exchange, imported palmolein and cotton refined oil rose by Rs 3 and Rs 2 for 10 kg each. All other edible oils ruled steady.

Towards the day’s close, Liberty quoted palmolein at Rs 600, super palmolein Rs 635 and super deluxe Rs 655, soyabean refined oil Rs 715 and sunflower refined oil Rs 810.

Ruchi quoted palmolein at Rs 599 ex JNPT and Rs 600 ex Patalganga, super palmolein Rs 630, soyabean refined oil Rs 711 and sunflower refined oil Rs 755. Allana was quoting palmolein Rs 600-604, super palmolein Rs 630, super deluxe Rs 650, soyabean refined oil Rs 715 and sunflower refined oil Rs 820.

In Rajkot, groundnut oil ruled steady at Rs 1,285 for telia tin and loose (10 kg) Rs 825 .

Soyabean arrivals were 4.75-5 lakh bags and prices were Rs 3,400-3,700 ex mandi and Rs 3,800-3,900 plant delivery.

Malaysia BMD crude palm oil’s November futures close higher at MYR 2,620 (MYR 2,585), December at MYR 2,605 (MYR 2,557) and January at MYR 2,598 (MYR 2,547).

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 850 (850), soya refined oil 710 (710), sunflower exp. ref. 700 (705), sunflower ref. 780 (780), rapeseed ref. oil 752 (752), rapeseed expeller ref. 722 (722) cottonseed ref. oil 700 (698) and palmolein 593 (590).

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