19/02/2013 (Hindu Business Line) - Imported palmolein rose by Rs 5 for 10 kg tracking firm Malaysian palm oil futures on Monday. Soyabean refined oil dropped by Re 1 for 10 kg on slack demand. Volume was thin as stockists kept away from fresh bulk buying. They covered enough last week for March, while for February they chose to fulfil old commitments by taking deliveries.

Malaysian palm oil futures gained on Monday, snapping three straight sessions of losses as investors expected stronger export demand seen in the first half of the month to bring stocks down further.

An analyst said, “Malaysia’s palm oil exports were quite strong for the first 15 days and production may come down again, so the market is supported because of that. Exports of crude palm oil may also rise for this month before the 4.5 per cent tax in March. Malaysia has set its crude palm oil export tax for March at 4.5 per cent, while there was no tax in February.”

A Mumbai-based broker said, “In local market, a weak rupee against the dollar has lifted import cost, forcing local refiners to raise prices by Rs 5 for 10 kg. Needy stockists have bought merely 200-250 tonnes of palmolein from resellers at lower rates. Last week, traders bought about 2,000 tonnes of palmolein for March and kept away from fresh commitment for the current month.”

Towards the end of the day, Liberty was quoting palmolein at Rs 518-522, super palmolein at Rs 560 and sunflower refined oil at Rs 800. Ruchi quoted palmolein at Rs 520 for March 1-15 and at Rs 523 for March 16-31, soyabean refined oil at Rs 695 and sunflower refined oil at Rs 775. Allana offered palmolein at Rs 511 and super palmolein at Rs 560. In Saurashtra and Rajkot, groundnut oil ruled at Rs 1,915 (Rs 1,915) for a 15-kg telia tin and at Rs 1,250 (Rs 1,250) for loose (10 kg).

On the National Commodities and Derivatives Exchange, soyabean refined oil’s March contract firmed up to Rs 708.80 (Rs 706.80), April to Rs 697 (Rs 695.35) and May to Rs 694.90 (Rs 693.60).

Malaysia’s crude palm oil’s March contract settled at MYR2,474 (MYR2,452), April at MYR2,511 (MYR2,483) and May at MYR2,536 (MYR 2,506) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,235 (1,235), soya refined oil 694(695), sunflower exp. ref. 710 (710), sunflower ref. 780 (780), rapeseed ref. oil 780 (780), rapeseed expeller ref. 750 (750) cottonseed ref. oil 615 (615) and palmolein 511 (506).

Vikram Global Commodities, Chennai quoted Rs 566 for Malaysian super palmolein.