22/03/2017 (Hindu Business Line) -  Malaysian palm oil closed higher and Chicago soya oil projection was firm but domestic soya oil futures on the NCDEX remained weak on lack of demand. On the BCE, soya and cotton oil declined by ₹7 and ₹1 each. Groundnut oil gained by ₹10. The others were steady.

During the day, 350-400 tonnes palmolein sold at ₹578 for March, Allana and Golden agri together sold about 850-900 tonnes of palmolein at ₹575-577 and resellers offloaded about 200-250 tonnes palmolein at ₹574-578. Liberty’s rates for Palmolein ex-STC/Shapur were ₹578/579 for March. Super palmolein stood at ₹599.

Allana’s ratesfor Palmolein were ex-Khopoli/ex-IVP ₹577/580 for April. At Rajkot,groundnut oil telia tin was steady at ₹1,520 (₹1,510) and Loose (10 kg) at ₹970 (₹950).

Our Erode Correspondent reports that prices of coconut oil increased on improved demand.

Coconut oil sees spurt

“Suddenly the price of coconut oil at Kangeyam, Uthukuli and Vellakoil areas increased on Tuesday and it was sold at ₹1,800 for a 15-kg loose pack, while some oil crushers were expecting ₹1,820,” said trader RM Palanisamy. Over the weekend, coconut oil sold at ₹1,710-1,730 for a 15-kg loose pack, he added. The price has risen about ₹8 a kg within two days.

Similarly, he said, the price of copra also increased on Tuesday. It was sold at ₹8,300-8,400 a quintal, against the ₹8,000 quoted last Friday.