14/01/2015 (Hindu Business Line) - Groundnut oil extended its gain by ₹10/10 kg on Tuesday, tracking firm reports from Saurashtra, which saw higher demand from brands. On Bombay Commodity Exchange, cotton refined declined by ₹2 and palmolein dropped by ₹5. Soyabean, sunflower and rapeseed oil ruled unchanged.

Observer said, tracking overnight sharp decline in overseas futures markets and less-than-expected demand, local refineries have reduced their rates for palmolein by ₹7-10. In the local market, volume remained thin as stockists stayed away, tracking volatile futures amid slack demand. Hardly 150-200 tonnes of palmolein was resold at lower rates of ₹516-520.

At the end of the day, Liberty was quoting Palmolein at ₹520-522 for January and ₹523-525 for February and super palmolein at ₹542 for January and ₹545 for February.

Ruchi was quoting palmolein at ₹521 for January and ₹528 for February, soyabean refined oil for ₹665 for February 1-25. Sunflower refined oil at ₹680 for February 1-25.

Vikram Global Commodities (P) Ltd has quoted ₹550 for Malaysian super palm January delivery.

Allana was quoting palmolein at ₹521 for January and ₹528 for February, soyabean refined oil for ₹670 for January and ₹664 for February, sunflower oil for ₹678 January-February.

In Saurashtra – Rajkot Groundnut oil Telia tin was up by ₹15 to ₹1,620 and loose (10 kg) increased by ₹15 to ₹1,040.

On The Bombay Commodity Exchange, spot rates (₹/10 kg) were: groundnut oil 1030 (1020), soya refined oil 665 (665), sunflower exp. ref. 625 (635), sunflower ref. 680 (680), rapeseed ref. oil 790 (790), rapeseed expeller ref. 760 (760) cottonseed ref. oil 593 (595) and palmolein 520 (525).