03/04/2013 (Hindu Business Line) - Edible oils prices ruled steady on Tuesday despite a sharp rebound in Malaysian palm oil futures and higher physical demand. Imported palmolein and soyabean oil ruled unchanged as the Government reduced the tariff value of imported palm oils by $9-15 a tonne and crude soyabean oil by $54.

Groundnut and sunflower oil were also flat. Cotton and mustard oil lost Rs 2 and Rs 5 for 10 kg each on higher arrivals of seeds in producing centres.

Tracking firm futures market stockists came forward with fresh orders and covered more than 1,500-1,600 tonnes of palmolein for nearby and forward delivery.

Liberty sold about 500-550 tonnes of palmolein in the range of Rs 509-511 and then increased rates by Rs 2. Ruchi sold 400-450 tonnes of palmolein at Rs 510-512 then quoting Rs 2 higher. It also sold 80-100 tonnes of sunflower refined oil at Rs 771. Adani sold 350-400 tonnes of palmolein at Rs 505 for April 10. About 150-200 tonnes of palmolein was resale traded at Rs 506-509 ex-JNPT.

Towards the day’s close, Liberty quoted palmolein at Rs 511-513, super palmolein Rs 548 and sunflower refined oil Rs 780. Ruchi was quoted palmolein at Rs 514, soyabean refined oil Rs 655-658 for April, Rs 660 for May 15 and sunflower refined oil Rs 771. Allana was quoting super palmolein at Rs 545.

On the NCDEX, soyabean refined oil’s May contracts were up by Rs 10.60 to Rs 685.25 , June by Rs 9.90 at Rs 678.30 and July closed at Rs 673 (Rs 663.65). Malaysian BMD crude palm oil’s May contracts shot up to MYR 2,375 (MYR 2,332), June was MYR 2,382 (MYR 2,337) and July closed at MYR 2,386 (MYR 2,345) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,210 (1,210), soya refined oil 655 (655), sunflower exp. ref. 680 (680), sunflower ref. 765 (765), rapeseed ref. oil 695 (700), rapeseed expeller ref. 665 (670) cottonseed ref. oil 622 (624) and palmolein 507 (507). Vikram Global Commodities, Chennai quoted Malaysian super palmolein at Rs 545 ex-Chennai.