21/06/2012 (Hindu Business Line) - Bullishness continued in edible oil market, tracking extended gains in palm oil and soya oil futures abroad. Imported palmolein and soya oil extended gains by Rs 14 and Rs 8 for 10-kg respectively.

Palmolein crossed the Rs 600-mark in domestic market again after gaining Rs 19 in the last four days. Malaysian CPO futures hit a near 3-week high on Wednesday as hot and dry weather in the US threatened to curb the soya crop. Groundnut oil rose by Rs 10, cotton refined oil increased by Rs 11 and sunflower oil was up by Rs 5 in line with palm oil futures. Volume eased at higher price levels and most traders have covered heavily in last two days. Tracking bullish trend abroad, local stockists have covered more than 7,500 tonnes of edible oils for ready and forward delivery in last three days. On Wednesday, buyers bought palmolein after stiff hike in price by refiners. As local pipeline is empty, prices may go up further.

According to sources, Liberty and Ruchi sold about 150 -200 tonnes of palmolein each at increased rates. Some speculators booked profits by reselling bout 200 – 250 tonnes of palmolein at Rs 598-600. Liberty quoted palmolein at Rs 607-608, super palmolein at Rs 645, soya oil at Rs 715 and sunflower refined oil at Rs 730. Ruchi quoted palmolein at Rs 603- 605 for July and Rs 610 for August 1-15 delivery, soya refined oil at Rs 715 for July 15 delivery and Rs 718 for July 15-31 delivery. Sunflower refined oil ruled at Rs 725-728. Allana’s rate for palmolein was Rs 612. In Saurashtra – Rajkot, groundnut oil ruled steady at Rs 1,920 for Telia tin and Rs 1,250 for loose - 10kg.

Malaysia's crude palm oil July contracts settled at MYR 3,035 (MYR 2,930), August at MYR 3,045 (MRY 2,942) and September at MYR 3,041 (MYR 2,948) a tonne. The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,200 (1,190), soya refined oil 710 (702), sunflower exp. ref. 655 (650), sunflower ref. 725 (720), rapeseed ref. oil 808 (800), rapeseed expeller ref. 778 (770) cotton ref. oil 686 (675) and palmolein 601 (587)