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Bearish futures and absence of demand in the physical market saw palmolein decline by Rs 3 and rapeseed oil drop by Rs 8 for 10 kg on Thursday.
Other oils such as groundnut oil, sunflower oil, soya oil and cotton oil ruled steady but on a weak note. Market sentiment further weakened after the Malaysian market closed low. New arrivals of edible oil from abroad will add more pressure on large stocks in Indian ports said market sources.
According to traders, activities came to a standstill for the second consecutive day as there was no demand despite Ganeshotsav around the corner. Towards the day's close, resellers were eager to sell palmolein at Rs 553-554. Liberty's rates for palmolein was Rs 562, soya oil was Rs 641, sunflower oil stood at Rs 700. Ruchi was quoting palmolein at Rs.560, soya refined oil at Rs 639 and sunflower oil at Rs 700.
Malaysia's CPO futures: Malaysia's crude palm oil September contracts closed at MYR 3,108 (3,130), October at MYR 3,030 (3,070) and November at MYR 2,994 (3,036) a tonne.
Mumbai Commodity Exchange spot rates (Rs/10 kg): groundnut oil 970 (970), soya refined oil 638 (638), sunflower expeller refined 660 (660), sunflower refined 705 (705), rapeseed refined oil 685 (693), rapeseed expeller refined 655 (663), cotton refined oil 655 (655) and palmolein 557 (560).
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