28/12/2011 (Hindu Business Line) - Palmolein extended gains by Rs 2 for 10 kg while soya refined oil lost Re 1 for 10 kg in the physical market on Monday despite weak global palm oil and soyabean futures. Rapeseed oil increased sharply by Rs 13 for 10 kg, rising totally by Rs 75 this month. Groundnut oil eased by Rs 5 for 10 kg tracking a weak Saurashtra market. In Rajkot, loose groundnut oil dropped by Rs 20 for 10 kg.

Local refiners kept prices of palmolein and soya oil unchanged as physical demand was need-based. Crude palm oil (CPO) futures succumbed to mild selling pressure after a recent rally on the Bursa Malaysia Derivatives (BMD) Exchange amid euro zone debt concerns. Resellers offered palmolein at Rs 597-598. Liberty quoted palmolein at Rs 600-602 for delivery in January and at Rs 603-605 for February, and super palmolein at Rs 620. Ruchi quoted palmolein at Rs 599 for delivery in January and at Rs 601 for February, soya refined oil at Rs 680 and sunflower refined oil at Rs 715. Allana offered palmolein at Rs 600. In Saurashtra and Rajkot, cotton oil was sold at Rs 627-630 and groundnut oil at Rs 1,515 (Rs 1,510) for a telia tin and at Rs 985 (Rs 1,005) for loose (10 kg).

Malaysia's BMD CPO's January contracts settled higher at MYR3,157 (MYR3,170) and February at MYR3,162 (MYR3,175) a tonne. Soya oil for January delivery was up to Rs 714.20 (Rs 706.20) and for February to Rs 710 (Rs 705) on the National Board of Trade in Indore.

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil — 990 (995), soya refined oil — 677 (678), sunflower exp. ref. — 655 (655), sunflower ref. — 725 (725), rapeseed ref. oil — 793 (780), rapeseed expeller ref. — 763 (750), cotton ref. oil — 643 (643) and palmolein — 597 (595).