25/05/2013 (Hindu Business Line) - The under current in the edible oils market continued to remain firm due to weak domestic currency and speculation over a firm trend in Malaysian palm oil futures on higher exports prospects and lower month-end stocks, said traders.

Sources said that in Mumbai groundnut oil increased by Rs 5 for 10 kg after dropping Rs 65 in previous six days. In the main producing region Saurashtra, selling pressure continued in the absence of export demand . In Rajkot, groundnut oil ruled steady with trade being cautious.Ruchi sold 450-500 tonnes of soyabean refined oil at Rs 667. Resellers offloaded about 100-150 tonnes of palmolein at Rs 505-506 ex-JNPT. Stockists kept away from fresh buying to fulfil old commitments. Soyabean arrivals were 65,000 bags including 35,000 bags in Madhya Pradesh and its prices were Rs 3,950-70 ex-mandi and Rs 4,000-50 plant delivery. Mustard seed arrivals declined to 2.50 lakh bags national level and the prices were Rs 3,100-3,610.

Towards the day’s close, Liberty was quoting palmolein at Rs 515-518, super palmolein Rs 550 and sunflower refined oil Rs 780. Ruchi was quoting palmolein at Rs 520 for ex-Patalganga and Rs 510 ex-JNPT. Soyabean refined oil was Rs 668 and sunflower refined oil Rs 761. In Saurashtra – Rajkot, groundnut oil was Rs 1,620 (Rs 1,620) for telia tin and Rs 1,050 (Rs 1,050) for loose (10 kg).

The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,080 (1,075), soya refined oil 665 (665), sunflower exp. ref. 675 (675), sunflower ref. 765 (765), rapeseed ref. oil 700 (700), rapeseed expeller ref. 670 (670) cottonseed ref. oil 642 (641) and palmolein 507 (508).