Agri Business

Edible oils dip, tracking Malaysian palm oil

Our Correspondent Mumbai | Updated on June 23, 2011

Imported palmolein and soya oil lost Rs 3/10 kg each on Thursday, tracking sharp decline in Malaysian palm oil. Groundnut oil dropped by Rs 10 on continued fall in Saurashtra. Rapeseed oil and cotton oil rose marginally by Rs 3 each on reports of lower arrivals from producing centres. Volumes were negligible in the spot market as most players preferred to fulfil old contracts. New demand was lacking due to month-end. However, below-normal rain forecast has increased concerns about continuing kharif sowing even though experts say it is too early to predict.

Forty to 50 tonnes of palmolein were traded at Rs 545. There were no queries for palmolein even after local refineries cut the price by Rs 5 for 10 kg. Liberty was quoting palmolein at Rs 545. Ruchi's rate for palmolein was Rs 545, for soya refined oil it was Rs 625 and for sunflower oil Rs 683. Allana's palmolein was quoted at Rs 550. Resellers sold palmolein for Rs 545. In Rajkot, groundnut-oil telia tin declined by Rs 10 to Rs 1,465, and loose (10 kg) was down by Rs 5 to Rs 950.

The July contract for crude palm oil on Bursa Malaysia Derivatives ended at MYR 3,160 (MYR3,205), August at MYR3,154 (MYR3,190) and September at MYR 3,136 (MYR 3,178) a tonne. Soya oil's July contract on National Board of Trade in Indore closed lower by Rs 4.70 at Rs 635.20 (Rs 639.90) and August by Rs 5 to Rs 636 (Rs 641).

Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 960 (970), soya refined oil 625 (628), sunflower exp. ref. 640 (640), sunflower ref. 690 (690), rapeseed ref. oil 673 (670), rapeseed expeller ref. 643 (640), cotton ref. oil 635 (632) and palmolein was 548 (551).

Published on June 23, 2011

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