A cautious trend prevailed in the edible oils market on Monday with the market looking ahead to the Budget. A bearish global market, too, had an impact. Groundnut oil dropped by Rs 5 for 10 kg. Rapeseed/mustard oil declined sharply by Rs 15 on higher arrivals of seeds in producing centres on Monday. Cotton and palmolein lowered by Re 1 each on higher selling pressure. Soyabeans dropped on a strong rupee, while rapeseed fell on an estimated rise in production.
Sources said that arrivals of new rapeseed – mustard seeds at national level increased to 1.70 lakh-1.90 lakh bags led to higher selling pressure at spot. Tracking weak sentiments, rapeseed oil dropped by Rs 15 in Mumbai.
During the day, merely 100-150 tonnes palmolein were traded in resale at Rs 513-515. Direct volumes with local refineries were absent.
Towards the end of the day, Liberty was quoting palmolein at Rs 525-527; super palmolein Rs 563 and sunflower refined oil Rs 800. Ruchi quoted palmolein at Rs 526; soyabean refined oil at Rs 685 and sunflower refined oil Rs 790.
Allana’s quoted super palmolein at Rs 560. In Saurashtra – Rajkot, groundnut oil ruled unchanged at Rs 1,945 (Rs 1,945) for telia tin and Rs 1,265 (Rs 1,265) for 10 kg.
In the National Commodities and Derivatives Exchange, soyabean refined oil’s March futures were lower by Re 1 to Rs 697.90 (Rs 698.90); April down by Rs 4 to Rs 690.80 (Rs 694.80) and May declined by Rs 7.20 to Rs 689.00 (Rs 696.20).
Malaysia’s crude palm oil’s March futures contracts settled lower to MYR 2,419 (MYR 2,478); April MYR 2,449 (MYR 2,509) and May dropped to MYR 2,470 (MYR 2,534) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,240 (1,245); soya refined oil 685 (685); sunflower exp. ref. 715 (710); sunflower ref. 790 (790); rapeseed ref. oil 755 (770); rapeseed expeller ref. 725 (740); cottonseed ref. oil 615 (616) and palmolein 515 (516).
Vikram Global Commodities, Chennai, quoted Rs 570/10 kg for Malaysian super palmolein.