18/10/2013 (Hindu Business Line) - Edible oils prices rose on Thursday tracking firm futures market amid tight physical supply. Malaysian palm oil ruled firm during the day but profit booking pulled it down later.

In Mumbai, imported palmolein and soyabean refined oil increased by Rs 8 and Rs 2 for 10 kg each. Sunflower and rapeseed oil edged up by Rs 2 and Rs 3 each. Being a cheaper alternative, higher demand pushed up cotton refined oil by Rs 8. Groundnut oil was unchanged but in Saurashtra it dropped by Rs 40. .

A spokesman of Riddhi Brokers told Business Line that traders turned cautious as demand eased at higher level. Activities were limited and need-based. Over the past one week, local traders have covered more than 12,000 tonnes of edible oils and filled up the pipeline which was empty due to lower forward purchases.

Towards the day’s close, Liberty was quoting palmolein at Rs 580, super palmolein Rs 620 and super deluxe Rs 640, soyabean refined oil Rs 705 and sunflower refined oil Rs 815. Ruchi quoted palmolein at Rs 570 ex-JNPT for Oct. and Rs 577 for Nov 1-15, super palmolein Rs 617 for Nov 1-15, sunflower refined oil Rs 775. Allana was quoting palmolein at Rs 575-579, super deluxe Rs 620 and sunflower refined oil Rs 820.

In Rajkot, groundnut oil declined to Rs 1,350 (Rs 1,400) for telia tin and loose (10 kg) at Rs 860 (Rs 900).

Malaysia BMD crude palm oil’s November futures settled lower at MYR 2,390 (MYR 2,400), December at MYR 2,392 (MYR 2,404) and January at MYR 2398 (MYR 2409) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 900 (900), soya refined oil 695 (693), sunflower exp. ref. 735 (730), sunflower ref. 790 (785), rapeseed ref. oil 735 (732), rapeseed expeller ref. 705 (702) cottonseed ref. oil 705 (697) and palmolein 570 (562).

Vikram Global Commodities (P) Ltd quoted Rs 635/10 kg for Malaysia super palmolein October/Nov delivery.