04/02/2014 (Hindu Business Line) - Groundnut and palmolein prices increased by ₹10 and ₹2 for 10 kg each on Tuesday, tracking a rise in the Saurashtra market. Local refineries also increased the rates for imported oils by ₹3/10 kg. In Rajkot, groundnut oil gained ₹30 on higher demand. Higher arrivals of new crops in producing areas pulled down rapeseed oil by ₹12, soyabean refined oil by ₹5 and cotton oil by ₹1. Sunflower oil ruled steady.

Sources said that despite the start of the new month, demand from retailers and stockists was lower than expected keeping the volume low. During the day, hardly 200-250 tonnes of palmolein were traded in resale due to slack demand. Malaysian palm oil futures also closed lower . Domestic soya oil futures ruled steady with thin volatility.

Towards the day’s close, Liberty quoted palmolein at ₹585, super palmolein at ₹605, super deluxe palmolein at ₹625 and soyabean refined oil at ₹655. Ruchi quoted palmolein at ₹583, soyabean refined oil at ₹650 and sunflower refined oil at ₹665. Allana quoted palmolein at ₹582, soyabean refined oil at ₹650 and sunflower refined oil at ₹670.

Malaysia BMD crude palm oil February contracts settled lower at MYR 2,521 (MYR 2,551), Marchat MYR 2,527 (MYR 2,557) and April at MYR 2,529 (MYR 2,559).

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 760 (750), soya refined oil 645 (650), sunflower exp. ref. 605 (605), sunflower ref. 662 (662), rapeseed ref. oil 693 (705), rapeseed expeller ref. 663 (675) cottonseed ref. oil 620 (621) and palmolein 574 (572).

Vikram Global Commodities (P) Ltd quoted ₹608/10 kg for Malaysia super palmolein February delivery.