Edible oils extended their loss on Thursday on the back of bearish domestic futures markets.
Imported palmolein and soyabean refined oil declined by Re 1 each for 10 kg. Groundnut, cotton and sunflower oils dropped by Rs 5 each. Rapeseed oil eased by Rs 2. The sentiment was weak on hopes of rabi crop arrivals beginning soon, said sources.
A spokesman of Riddhi Broker told Business Line: “Positive outlook for rabi oilseed crop and expectation of start of new arrivals of seeds especially mustard- rapeseed in producing centres have weakened the undertone of the markets.
“The market will be looking for direction from the US Department of Agriculture monthly supply and demand reports scheduled to be released on Friday. It could turn out to be bullish for palm oil due to tighter soyabean stocks”.
In Mumbai, Ruchi sold about 750-800 tonnes of palmolein at Rs 510 for delivery up to February and 50-60 tonnes sunflower refined oil at Rs 785. Liberty sold 250-300 tonnes palmolein at Rs 512-514. About 80-100 tonnes palmolein were traded in resale.
Liberty was quoting palmolein at Rs 512-514; super palmolein Rs 561 and sunflower refined oil Rs 800.
Ruchi quoted palmolein at Rs 512; soyabean refined oil at Rs 710 and sunflower refined oil Rs 785.
Allana’s rate for palmolein was Rs 512 and super palmolein Rs 560.
In Saurashtra – Rajkot, groundnut oil dropped to Rs 1,920 (Rs 1,920) for telia tin and Rs 1,250 (Rs 1,250) for loose (10 kg).
On the National Commodities and Derivatives Exchange, soyabean refined oil’s March futures dropped to Rs 705.15 (Rs 708.35) and April was down to Rs 701.65 (Rs 703.95). Malaysia’s crude palm oil’s March contracts closed at MYR 2,529 (MYR 2,524), April at MYR 2,552 (MYR 2,547) and May at MYR 2,568 (MYR 2,565) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,250 (1,255), soya refined oil 710 (711), sunflower exp. ref. 720 (720), sunflower ref. 785 (790), rapeseed ref. oil 798 (800), rapeseed expeller ref. 768 (770); cottonseed ref. oil 610 (615) and palmolein 509 (510).
Vikram Global Commodities, Chennai, quoted Rs 568 for 10kg Malaysian super palmolein.