Prices of edible oils turned weak on Friday tracking bearish domestic and world futures markets. Groundnut and cotton refined oil declined by Rs 5 each. Imported palmolein and soyabean refined oil lost Re 1 and Rs 2 respectively. Sunflower and rapeseed oil ruled unchanged.

A local refinery lowered the rate in line with a weak global trend. Domestic soyabean refined oil futures were down by Rs 5-6. Malaysian palm oil futures slipped on Friday while charting a course for a weekly gain of more than four per cent, as traders booked profits from large gains the previous trading day, and slowing exports also weighed on prices.

Analyst said the market came down a bit as there was some profit-taking. There were sellers in the market but no buyers. Volume was very negligible and isolated.

End of the day, Liberty quoted palmolein at Rs 516-518 and super palmolein Rs 570 for delivery up to Dec 15, soya refined oil Rs 670 up to Dec 15.

Ruchi quoted palmolein Rs 518 for up to Dec 10 and Rs 521 for Dec31; super palmolein Rs 579 for Dec 10 and Rs 582 for Dec 31; soyabean refined oil Rs 670 and sunflower refined oil Rs 730 for Nov-Dec. Allana’s rate for palmolein was Rs 518 and super palmolein was Rs 570. In Saurashtra – Rajkot market groundnut oil ruled steady. Telia tin was Rs 1,830 (Rs 1,830) and loose 10 kg at Rs 1,190 (Rs 1,190).

On the National Commodities and Derivatives Exchange, soyabean refined oil Dec futures were lower at Rs 680.50 (Rs 683.50) and Jan Rs 674 (Rs 679) and Feb was Rs 672 (Rs 678).

Malaysia’s crude palm oil Dec futures settled at MYR 2,360 (2,395), Jan MYR 2,396 (2,434) and Feb at MYR 2,429 (MYR 2,461) a tonne.

The Bombay Commodity Exchange spot rates were (Rs/10 kg): Groundnut oil 1,175 (1,180), soya ref oil 667 (669), sunflower exp. ref. 670 (670), sunflower ref. 730 (730), rapeseed ref. oil 845 (845), rapeseed exp ref. 815 (815) cotton ref. oil 675 (680) and palmolein 516 (517).

(This article was published on November 16, 2012)
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