18/06/2013 (Hindu Business Line) - Sentiment in edible oils ruled slightly firm on Monday taking cues from higher Malaysian palm oil futures. Palmolein rose by Re 1. The progress of monsoon across the country is giving a fillip to sowing of kharif crops, including oilseeds, capping price rise.

Groundnut oil in main producing centres of Saurashtra, Rajkot and in Mumbai dropped below Rs 1,000 as sowing gathers pace.

In Mumbai, groundnut oil lost Rs 20 and rapeseed refined oil declined by Re 1. Soyabean, sunflower and cotton refined oils ruled unchanged.

Analyst said that the jump in Malaysia exports of palm oil products is significant because the numbers for first 15 days are the highest for the past six months.

Latest kharif sowing data suggest that cultivation of oilseeds was flat at 1.5 lakh hectares while for cotton it is higher by 0.63 per cent at 15.80 lakh hectares. Above average rainfall till now has resulted in early planting of crops such as oilseeds and cotton. There has been plenty of rainfall in Maharashtra, Gujarat, Madhya Pradesh, Punjab, Haryana, Rajasthan and other southern states. During the day, about 250 -300 tonnes palmolein were traded in resale at Rs 524-525. Liberty sold about 200-250 tonnes super palmolein at Rs 575 and Ruchi sold about 150-200 tonnes soyabean refined oil at Rs 670.

Soyabean arrivals were 60,000-65,000 bags including 35,000 bags from Madhya Pradesh and its prices were Rs 3,800 ex-mandi and Rs 3,925 for plant delivery. Mustard seeds arrivals were 1.70 lakh bags-1.75 lakh bags including 95,000 bags from Rajasthan at Rs 3,175-3,600.

At the end of the day, Liberty quoted palmolein at Rs 538, super palmolein Rs 575 and super deluxe Rs 600. Ruchi quoted palmolein Rs 540, soyabean refined oil Rs 670 and sunflower refined oil Rs 790. Gokul’s rates for palmolein were Rs 530 for June and Rs 533 for July. In Rajkot, groundnut oil declined by Rs 35 to Rs 1,525 (Rs 1,560) for telia tin and by Rs 20 to Rs 990 (Rs 1,010) for loose 10 kg on higher selling.

On the National Commodities and Derivatives Exchange, soyabean refined oil July futures closed higher at Rs 700.40 (Rs 697.50), August Rs 690.20 (Rs 689.80) and September closed lower by Rs 1.50 to Rs 680.50 (Rs 682.00).

Malaysia BMD crude palm oil July contracts settled higher at MYR 2,459 (MYR 2,435), August at MYR 2,467 (MYR 2,439) and September at MYR 2,462 (MYR 2,436) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 1,000 (1,020), soya refined oil 670 (670), sunflower exp. ref. 730 (725), sunflower ref. 790 (790), rapeseed ref. oil 695 (696), rapeseed expeller ref. 665 (666), cottonseed ref. oil 665 (665) and palmolein 526 (525).

Vikram Global Commodities, Chennai, has quoted Malaysian super palmolein Rs.580 ex-Chennai for 15 days delivery.