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Edible oil prices on Thursday continued their decline in the Mumbai market with most oils cooling by Rs 5-9 per 10 kg. Soya refined oil dropped by Rs 5 and Palmolein fell by Rs 7 to below Rs 600 per 10 kg on cue from the Malaysian markets, which closed lower. Groundnut oil was unchanged, cotton oil dropped by Rs 5, rapeseed oil by Rs 9 and sunflower oil by Rs 5 per 10 kg. Towards late evening, stockists were selling at lower rates. The morale remains steady and volume stands at near-minimal level, said a leading broker.
Malaysian palm oil futures fell on uncertainty over a possible cut in a range of food import taxes by China. But there was also talk that it may not include palm oil. The BMD futures fell by 32 and 9 ringgit for the third consecutive day.
Mr Santosh Bhanushali, a leading broker said that in line with weak foreign markets, Indore NBOT soya bean oil futures after losing Rs 10 on Wednesday had bounced back marginally. Until Wednesday, it had declined by Rs 31 over the past nine 9 days. On February 5, the March-11 soya oil future was at Rs 670.70, which dropped to Rs 639.10 on Wednesday. In the Mumbai market, a weak tendency in the future market, along with thin need-based local demand, kept the spot market volume range bound. About 120-130 tonnes of Palmolein traded at Rs 590-Rs 592. Direct importers quoted higher rates, with Liberty Palmolein at Rs 610-612 and Ruchi Palmolein at Rs 600, soya refined oil at Rs 615 and sunflower refined oil at Rs 700. Allana's Palmolein quoted at Rs 610.
Local oil shows weak trend
Indigenous oils found no buyers as reports from the producing centres indicated a weak trend on higher arrivals and absence of demand. In the Rajkot market, groundnut oil dropped by Rs 5 to Rs 1,140 for Telia tin and to Rs 735 (Rs 740) for loose 10 kg.
Malaysia's BMD CPO futures March-11 closed at 3,788 ringgit (3,820), April-11 was at 3,781 ringgit (3,790). Indore, NBOT soya oil futures March-11 was at Rs 645.50 (Rs 639.10).
Mumbai commodity exchange spot rate (Rs/10kg):
Groundnut oil 760 (760), soya refined oil 615 (620), sunflower expeller refined 665 (665), sunflower refined 710 (715), rapeseed refined oil 643 (652), rapeseed expeller refined 613 (622), Cotton refined oil 615 (620) and Palmolein 595 (602).
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