16/12/2011 (Hindu Business Line) - Edible oils remained bullish on a weak rupee against the dollar on Thursday despite weak demand on the physical market.

Groundnut oil rose by Rs 10 for 10 kg, rapeseed oil by Rs 19, cotton oil increase Rs 5 and palmolein by Rs 3 for 10 kg. Soya oil and sunflower oil were unchanged. Crude palm oil (CPO) futures on the Bursa Malaysia Derivatives (BMD) Exchange fell on renewed selling pressure as Malaysia's December 1-15 palm oil exports fell by 19 per cent. Palmolein volumes were thin as resellers booked profits, said a Mumbai-based wholesale trader. About 250-300 tonnes of palmolein were traded at Rs. 586-587. Liberty quoted palmolein at Rs 690 and super palmolein at Rs 610. Ruchi offered palmolein at Rs 588, soya refined oil at Rs 655 and sunflower refined oil at Rs 710. Allana offered palmolein at Rs 590. In Saurashtra and Rajkot, cotton oil shot up to Rs 598-600 (Rs 590-592) and groundnut oil was unchanged at Rs 1,380 for a telia tin and at Rs 900 for loose (10 kg).

Malaysia's BMD CPO's January contracts settled at MYR2,972 (MYR3,048) and February at MYR2,971 (MYR3,052) a tonne. Soya oil for January delivery declined to Rs 671.40 (Rs 679.90) and for February to Rs 680 (Rs 682) on the National Board of Trade in Indore.

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil — 910 (900), soya refined oil — 650 (650), sunflower exp. ref. — 665 (665), sunflower ref. — 720 (720), rapeseed ref. oil — 751 (732), rapeseed expeller ref. — 721 (702), cotton ref. oil — 625 (620), and palmolein — 587 (584).