Indigenous edible oils such as groundnut and rapeseed oil dropped by Rs 5 for 10 kg each on Friday. Cotton refined oil declined by Rs 2. Slack physical demand and higher arrivals of mustard seeds in producing centres pulled down these oils while imported palmolein rose by Re 1 and soyabean refined oil inched up by Rs 5 tracking extended gains in Malaysian palm oil futures. Sunflower oil ruled steady.

In Mumbai marke,t new trade for April took place for palmolein as a leading refinery has started quotation for the same. For the current month, volume remained need-based. Overall sentiment in physical market was steady and cautious.

Sources said 600-700 tonnes of palmolein were sold by Liberty for April at Rs 519 ex-Shahpur and about 250-300 tonnes of palmolein sold for March at Rs 515 ex-JNPT. Resellers offloaded 100-150 tonnes palmolein at Rs 513 for ready delivery. There were no fresh commitments for indigenous oils. Higher price gap (of Rs 100-300) between palmolein and other soft oils arrested overall diversified volumes.

Sources said daily arrivals of mustard seed crossed 4 lakh bags. On Thursday, new mustard seeds arrivals were 1.90 lakh bags in Rajasthan, 55,000 bags in Utter Pradesh, 70,000 bags in Madhya Pradesh and 35,000 bags in Gujarat. In Punjab – Haryana it was 20,000 bags. In Saurashtra – Rajkot, groundnut oil ruled steady at Rs 1,820 for telia tin and Rs 1,180 for loose (10 kg).owards the day’s close, Liberty was quoting palmolein at Rs 517-520, super palmolein Rs 555 and sunflower refined oil Rs 790. Ruchi was quoting palmolein at Rs 520, soyabean refined oil Rs 670 and sunflower refined oil Rs 783. Allana quoted super palmolein at Rs 550.

On the NCDEX, soyabean refined oil’s April futures closed higher at Rs 678.10 (Rs 674.25), May at Rs 676.60 (Rs 671.85). Malaysia BMD crude palm oil’s March contracts closed higher at MYR 2,440 (MYR 2,427), April at MYR 2,449 (MYR 2,433) and May at MYR 2,454 (MYR 2,438) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,205 (1,210), soya refined oil 670 (665), sunflower exp. ref. 695 (695), sunflower ref. 783 (780), rapeseed ref. oil 705 (710), rapeseed expeller ref. 675 (680) cottonseed ref. oil 616 (618) and palmolein 515 (514).

(This article was published on March 8, 2013)
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