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The edible oils market ruled weak on Friday tracking bearish overseas futures amid lack of physical demand and higher supply. On the Bombay Commodity Exchange, barring rapeseed oil which dropped by ₹5/10 kg, all other edible oils were steady.
Sources said stockists are staying away from fresh bulk bet. A few traders bought about 80-100 tonnes of palmolein at ₹515 for ready-weekly delivery in resale. Hopes of higher supply of seeds and edible oils in world markets kept domestic markets under pressure despite bullish domestic fundamentals. At the end of the day, Liberty was quoting palmolein at ₹515-517 and super palmolein at ₹537 for February 15.
Ruchi was quoting palmolein ₹515, ₹518 and ₹521 for January, February and March, soyabean refined oil at ₹660 for 1-25 February. Sunflower refined oil ₹675 for February 1 to 15. Allana was quoting palmolein ₹515 for January and ₹518 for February, soyabean refined oil at ₹660 for January to February. sunflower oil ₹677 January to February. In Saurashtra – Rajkot Groundnut oil Telia tin was ₹1,620 (₹1,625) and Loose (10 kg) was ₹1,040 (₹1,040). Soyabean arrival in Madhya Pradesh was only 20,000 - 25,000 bags.
On The Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil ₹1040, soya refined oil ₹660, sunflower exp. ref. ₹620 (₹615), sunflower ref. ₹675 (₹675), rapeseed ref . oil ₹785 (₹790), rapeseed expeller ref. ₹755 (₹760) cottonseed ref oil ₹590 (₹590) and palmolein ₹513 (₹513).
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