Edible oil prices in spot and futures market continued their bearish run following pick-up in arrivals of new crops in producing States.
In Mumbai, except groundnut oil, all other oils dropped by Rs 5-13 for 10 kg on slack demand. Local refineries have reduced their rates in line with lower import parity tracking bearish world market, said traders.
According to Bombay Commodity Exchange, palmolein and soyabean refined oil dropped by Rs 5 and Rs 9 each. Sunflower oil slipped by Rs 5-10, cotton oil by Rs 3 and rapeseed oil lost Rs 13 on higher selling pressure.
In the absence of local demand and increased selling by resellers and refineries, volume remained negligible. Resellers were quoting Rs 503-504 for palmolein. Bearish futures markets also weighed on physical market. New mustard seeds arrivals crossed 5 lakh bags. Soyabean arrivals were 75,000 bags in Madhya Pradesh. Towards the day’s close, Liberty was quoting palmolein at Rs 511-512 ex Shahpur – Mumbai and Rs 508 ex-JNPT up to April 15. Super palmolein was Rs 550 for March-April, sunflower refined oil Rs 780. Ruchi was quoting palmolein at Rs 510 up to April 15 and Rs 508 for March 15-31 ex-JNPT, soyabean refined oil Rs 645 and sunflower refined oil Rs 771. Allana quoted super palmolein at Rs 550. In Saurashtra – Rajkot, groundnut oil was Rs 1,885 (Rs 1,880) for telia tin and Rs 1,225 (Rs 1,225) for loose (10 kg).
Malaysian BMD crude palm oil’s April contracts settled at MYR 2,352 (MYR 2,386), May at MYR 2,364 (MYR 2,397) and June at MYR 2,370 (MYR 2,401) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,220 (1,220), soya refined oil 641 (650), sunflower exp. ref. 690 (700), sunflower ref. 770 (775), rapeseed ref. oil 695 (708), rapeseed expeller ref. 665(678) cottonseed ref. oil 612 (615) and palmolein 505 (510).
Vikram Global has quoted Malaysian super palmolein at Rs 543 ex-Chennai and Rs 542 for April delivery. Also quoted $918 CIF JNPT and $924 CIF Kandla in container (Flexibag).