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The edible oils market ruled steady with trades being isolated on Monday. On the Bombay commodity exchange, groundnut oil dropped by ₹10 for 10 kg, tracking bearish reports from Saurashtra. Cotton and palmolein rule unchanged. Soyabean, sunflower and rapeseed oil increased by ₹1-₹2.
Monsoon hopeSources said the monsoon’s progress across the producing states has raised the hopes of kharif crops. Also, a slight recovery in the rupee and a bearish trend in world palm and soya oil market weigh on the market. The Malaysian palm oil market was close for Eid and the outlook for Chicago soyabean oil was not positive. On the NCDEX, soya oil futures were down.
At the end of the day, Liberty was quoting palmolein ₹571, Super palmolein ₹591 and Soyabean refined oil ₹644. Ruchi was quoting palmolein ₹568 for August, ₹568 for September. Soyabean refined oil ₹641 for August and ₹643 for September, Sunflower refined oil ₹641 for August and ₹643 for September. Allana was quoting palmolein ₹568, Soyabean refined oil ₹640 and Sunflower oil ₹640.
In Saurashtra – Rajkot Groundnut telia tin rule steady at ₹1240 (₹1,240) and loose (10 kgs) at ₹790. On The Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 790 (800), soya refined oil 644 (643), sunflower exp. ref. 588 (585), sunflower ref. 650 (648), rapeseed ref. oil 726 (725), rapeseed expeller ref. 696 (695) cottonseed ref. oil 660 (660) and palmolein 568 (568).
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