11/11/2011 (Hindu Business Line) - A sudden spurt in crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) firmed up edible oils on Thursday. Supportive palm oil production, exports and stocks data buoyed the futures market in Malaysia.

Local refiners raised the price of palmolein by Rs 8-9 for 10 kg. The Bombay Commodity Exchange and futures markets were closed Guru Nanak Jayanti.

Market sources said groundnut oil, rapeseed oil, soya oil, sunflower oil and cotton oil were mostly unchanged while palmolein rose by Rs 7-8 in the resale market. Volume was negligible on lack of demand. Resellers sold palmolein at Rs 543-544. Liberty offered palmolein at Rs 547-548 for November delivery, super palmolein at Rs 568 and soya refined oil at Rs 612. Ruchi quoted palmolein at Rs 545 for November delivery, soya refined oil at Rs 608 and sunflower refined oil at Rs 675 for delivery between November 20 and 30. Allana offered palmolein at Rs 538 for delivery between November 20 and 30. In Saurashtra and Rajkot, groundnut oil declined by Rs 5 to Rs 1,275 for a telia tin and to Rs 825 for loose (10 kg). Cotton (wash) oil was at Rs 580-582 (Rs 600). Malaysia's BMD CPO's December contracts closed at MYR3,136 (MYR3,044) and January at MYR3,119 (MYR3,034) a tonne. Soya oil November contracts closed at Rs 620.50 and December at Rs 618.70 on National Board of Trade in Indore.

Rates of edible oils in Mumbai market (Rs/10 kg): groundnut oil — 840, soya refined oil — 605, sunflower exp. ref. — 620, sunflower ref. — 675, rapeseed ref. oil — 700, rapeseed expeller ref. — 670, cotton ref. oil — 605, and palmolein — 544.