Imported edible oils continued to rule weak on increased selling pressure on Wednesday.
Soyabean oil dropped by Rs 2 for 10 kg and palmolein ruled steady on month-end demand. Groundnut oil declined by Rs 5, while higher arrivals of rabi crops in producing centres pulled down rapeseed/mustard oil further by Rs 25. Cottonseed refined oil inched up by Rs 4 on firm reports from producing centres.
Improved arrivals of rabi crops especially mustard and groundnut pulled down indigenous oils.
Arrivals of mustard seeds were at 2.75 lakh bags while groundnut arrivals were 1.75-2 lakh bags”.
Liberty offloaded about 800-1,000 tonnes of palmolien for March at Rs 514-516. About 150-200 tonnes of palmolein were bought back by another leading refinery at Rs 510 for February. Weak futures market also weighed on physical markets.
Towards the end of the day, Liberty quoted palmolein at Rs 520-522, super palmolein Rs 560 and sunflower refined oil Rs 790.
Ruchi quoted palmolein at Rs 521, soyabean refined oil at Rs 680 and sunflower refined oil Rs 780. Allana’s rate for super palmolein was Rs 560.
In Saurashtra – Rajkot, groundnut oil dropped further to Rs 1,910 (Rs 1,915) for telia tin and Rs 1,240 (Rs 1,250) for 10 kg.
In the National Commodities and Derivatives Exchange, soyabean refined oil’s March futures were Rs 687.50 (Rs 689.75); April was Rs 685.20 (Rs 685.25) and May was Rs 685.50 (Rs 685.30).
Malaysia’s crude palm oil’s March futures contracts closed at MYR 2,390 (MYR 2,387); April MYR 2,400 (MYR 2,403) and May dropped to MYR 2,410 (MYR 2,419) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,235 (1,240), soya refined oil 680 (682), sunflower exp. ref. 710 (710), sunflower ref. 785 (790), rapeseed ref. oil 720 (745), rapeseed expeller ref. 690 (715) cottonseed ref. oil 617 (613) and palmolein 512 (512).
Vikram Global Commodities, Chennai has quoted Rs 568 for Malaysian super palmolein.