Wednesday, November 7, 2012

Rise in edible oils prices

On Tuesday (06 November 2012), the imported palmolein and soyabean refined oil inched up Rs 3 for 10 kg each due to tight supply and a weaker rupee. Sunflower, groundnut and rapeseed oils ruled steady on weak reports from producing centres. Cottonseed refined oil declined by Rs 2 on weak cotton markets. Local refineres quoted Rs 5 higher for palmolein. The volume remained need based and the Malaysian palm oil futures edged down, as investors remained cautious on expectations of record high stocks in October. The market initially rose but could not sustain the rally on concerns over stockpiles and uncertainty ahead of the US elections. According to the Bombay Commodity Exchange, the spot rates were (Rs/10 kg): groundnut oil 1,160 (1,160), soya refined oil 658 (655), sunflower exp. ref. 665 (670), sunflower ref. 725 (720), rapeseed ref. oil 835 (835), rapeseed expeller ref. 805 (805) cottonseed ref. oil 688 (690) and palmolein 513 (510).

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