15/11/2011 (Hindu Business Line) - Tracking a bullish Malaysian palm oil, palmolein rose by Rs 9 for 10 kg, extending gains for a fourth day, along with soya refined oil and cotton oil which were up Rs 3 for 10 kg each. Groundnut oil, sunflower oil and rapeseed oil remained unchanged despite lack of demand.

Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) Exchange gained on improving investor sentiment over Eurozone debt issues and slowing output.

Palm oil prices may rise in the coming months as production growth in top producers Indonesia and Malaysia is easing even as heavy rainfall stalls harvesting progress, said vegetable-oil analyst Mr Dorab Mistry on Sunday.

Tracking firm Malaysian palm oil, local refineres increased prices of palmolein by Rs 9-11 and soya oil by Rs 3. Resellers traded about 100-150 a tonnes of palmolein at Rs 549-550.

Liberty offered palmolein at Rs 563-564 for November delivery, super palmolein at Rs 590 and soya refined oil at Rs 615. Ruchi quoted palmolein at Rs 557-561, soya refined oil at Rs 613 for November delivery and sunflower refined oil at Rs 675 for delivery between November 20 and 30. Allana quoted palmolein at Rs 561 for delivery on November 21.

In Saurashtra and Rajkot, groundnut oil rose by Rs 5 to Rs 1,270 for a telia tin and to Rs 825 for loose (10 kg). Cotton (wash) oil was Rs 580-582 (Rs 575).

Malaysia's BMD CPO's December contracts closed at MYR3,208 (MYR3,146) and January at MYR3,195 (MYR3,135) a tonne. Soya oil for November delivery closed at Rs 624 (Rs 623.60) while for December delivery shot up to Rs 628.70 (Rs 622.80) on National Board of Trade in Indore.

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil — 840 (840); soya refined oil — 610 (607); sunflower exp. ref. — 625 (625); sunflower ref. — 685 (680); rapeseed ref. oil — 703 (703); rapeseed expeller ref. — 673 (673); cotton ref. oil — 603 (600); and palmolein — 552 (543).