23/01/2013 (Hindu Business Line) - Edible oils extended gains on Tuesday tracking bullish overseas and domestic futures markets. Malaysian palm oil futures rose to a more than two-week high, as dry weather in key soya producing regions triggered concerns of tight edible oil supply at a time of recovering global demand.

Domestic soya oil futures improved by Rs 6-9 for 10 kg. In physical markets, groundnut and sunflower refined oils rose by Rs 5 each. Rapeseed oil gained by Rs 10. Soyabean refined oil and palmolein increased by Rs 3 and Rs 2 each. Cotton refined oil ruled unchanged.

In local market, stockist covered about 1,100-1,200 tonnes of palmolein from Ruchi at Rs 512-514 and about 1,000-1,200 tonnes from Liberty at Rs 515 for delivery up to February.

Resellers sold about 150-200 tonnes at Rs 502-503 for ready delivery. Liberty was quoting palmolein at Rs 515-517 for Feb 10 and Rs 522-524 for February. Super palmolein was at Rs 562 for Feb 10, soya refined oil at Rs 715 and sunflower refined oil Rs 800 for Feb 10. Ruchi quoted palmolein at Rs 515 ex JNPT and Rs 521ex Patalganga for Feb 26. soyabean refined oil at Rs 711 till Feb 10 and sunflower refined oil Rs 792 for Feb 26. Allana’s rates for palmolein was Rs 514 and super palmolein was Rs 560.

In Saurashtra – Rajkot, groundnut oil inched up by Rs 25 to Rs 2,040 (Rs 2,015) for telia tin and by Rs 20 to Rs 1,330 (Rs 1,310) for loose (10 kg).

On the National Commodities and Derivatives Exchange, soyabean refined oil’s February futures were up at Rs 734.30 (Rs 728.20), March higher at Rs 713.80 (Rs 704.70) and April was Rs 700.50 (Rs 691.20).

Malaysia’s crude palm oil’s February contracts settled higher at MYR 2,412 (MYR 2,370), March at MYR 2,444 (MYR 2,401) and April settled at MYR 2,465 (MYR 2,420) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,290 (1,285), soya refined oil 705 (702), sunflower exp. ref. 720 (720), sunflower ref. 800 (795), rapeseed ref. oil 820 (810), rapeseed expeller ref. 790 (780) cottonseed ref. oil 630 (630) and palmolein 507 (505).

Vikram Global Commodities, Chennai, has quoted Rs.572 for 10 kg - Malaysian super palmolein