20/06/2012 (Hindu Business Line) - Imported palmolein and soya oil extended gain on Tuesday tracking firm futures markets abroad. Malaysian palm oil futures rose on third consecutive day on expectation of higher export demand for festivals starting from next month. Palmolein and soya refined oil rose by Rs 3 and Rs 7 for 10 kg respectively as refiners hiked rates, tracking foreign markets. Sunflower refined oil and cotton oil increased by Rs 5 each. Groundnut oil ruled unchanged despite bearish reports from Saurashtra. Rapeseed oil ruled steady.

Mr Shailesh Kataria, a leading broker, said that the market improved on higher demand as the local pipeline is empty. About 2,500-3,000 tonnes of edible oils were traded during the day. Most of the volume was in palmolein. Price gap between palmolein and soya oil increased.

Ruchi sold about 2,000 -2,500 tonnes of palmolein at Rs 585-588, soya refined oil 250 tonnes at Rs 702-705 and sunflower refined oil 150 – 200 tonnes at Rs 715. Resellers offloaded about 100-150 tonnes of palmolein at Rs 586 on CAD basis. Liberty quoted Palmolein at Rs 595-596, super palm Rs 635, soya oil Rs 706 and sunflower refined oil Rs 720. Ruchi quoted palmolein at Rs 585-586 for June and Rs 588-593 for July-August. Soya refined oil was quoted at Rs 702 for July 1-10 and Rs 705 for July 11-31. Sunflower refined oil traded at Rs 715. Allana’s rate for palmolein was Rs 595 for July 15-31. Bunge quoted palmolein at Rs 595. In Saurashtra - Rajkot market, groundnut oil declined by Rs 25 to Rs 1,920 (Rs 1,945) for Telia tin and by Rs 20 to Rs 1,250 (Rs 1,270) for loose - 10kg.

Malaysia's crude palm oil July contracts settled at MYR 2,930 (MYR 2,871), August at MYR 2,942 (MRY 2,890) and September at MYR 2,948 (MYR 2,899) a tonne. The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,190 (1,190), soya refined oil 702 (695), sunflower exp. ref. 650 (650), sunflower ref. 720 (715), rapeseed ref. oil 800 (800), rapeseed expeller ref. 770 (770) cotton ref. oil 675 (670) and palmolein 587 (584).