Edible oil market witnessed steady trend despite weak reports from the Malaysian market. Mumbai commodity exchange was closed due to Ambedkar Jayanti . The spot market witnessed good volumes in the wake of a shortage in ready delivery and as stockists covered to build stocks. About 1,800-1,900 tonnes of palmolein changed hands. Fresh demand at the retail level also supported the market. The undertone was positive on expectation of higher demand and shortage in ready delivery. Traders said negligible stocks at the local level will check the bears despite weak foreign marekets.

Crude palm oil (CPO) futures at Bursa Malaysia Derivatives (BMD) declined for a third straight day on Thursday, as uncertainty in comparative oil prices such as soyabean and crude oil weighed on the market and as investors wait for the export data due on Friday. Selling by investors as they book profits, better-than-expected output and a build-up in month-end stocks also weighed on the sentiment. In Mumbai, a refinery sold 1,200-1,300 tonnes of palmolein at Rs 550-551 for forward delivery, and another sold 450-500 tonnes palmolein at Rs 554-556 for ready delivery.

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