02/01/2013 (Hindu Business Line) - The edible oil market made some gains on Wednesday as stockists continued to build inventories. The continuous buying lifted palmolein to one-month high of Rs 500 for 10 kg. Groundnut and sunflower refined oil increased by Rs 5 each, tracking firm reports from producing centres. Soyabean, rapeseed and cotton refined oil ruled unchanged.

Sources said sentiment improved in domestic markets tracking sharp jump in Malaysian Palm oil March – April futures which closed above 2,500 ringgits.Shailesh Kataria of Riddhi Brokers said: “Continuous buying by stockists on higher demand in the beginning of month and ahead of marriage season along with bullish trend in Malaysian palm oil futures pushed up palmolein prices to the highest level since November end. About 1,500-1,700 tonnes of palmolein were covered by stockists who contracted nearly 300 tonnes sunflower refined oil also. Most volumes took place directly with the leading refineries Ruchi, Liberty and Adani. For indigenous edible oils, higher prices kept buyers away from big bet,” he said.

In Saurashtra – Rajkot, shortage of nuts pushed up groundnut oil prices further by Rs 10 to Rs 2,010 for telia tin and Rs 1,310 for loose (10 kg).

Towards the day’s close, Liberty was quoting palmolein at Rs 508 for Jan., super palmolein Rs 560, soya refined oil Rs 678 and sunflower refined oil Rs 785. Ruchi quoted palmolein at Rs 507 ex Patalganga, Rs 502 ex JNPT for Jan and Rs 515 for February, soyabean refined oil at Rs 672 and sunflower refined oil Rs 770 for January. Allana’s rate for palmolein was Rs 502 and super palmolein Rs 555.

On the National Commodities and Derivatives Exchange, soyabean refined oil’s February futures was Rs 688.10 (Rs 687.90), March Rs 681.60 (Rs 682.10) and April Rs 684 (Rs 684.60).

Malaysia’s crude palm oil’s February contracts settled higher at MYR 2,458 (MYR 2,395), March at MYR 2,503 (MYR 2,438) and April closed at MYR 2,545 (MYR 2,478) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,290 (1,285), soya refined oil 674 (675), sunflower exp. ref. 710 (710), sunflower ref. 780 (775), rapeseed ref. oil 815 (815), rapeseed expeller ref. 785(785) cottonseed ref. oil 619 (619) and palmolein 500 (498).

Vikram Global Commodities, Chennai quoted Rs 570 ex-Chennai for 10 kg for Malaysian super palmolein.