Edible oil rules weak

Edible oils market ruled weak on Tuesday tracking bearish futures amid slack physical demand ahead of Budget. Despite fear of import duty hike, prices of majority oil ruled steady. On BCE Groundnut and palmolein declined by ₹5 and ₹1as local refineries have reduced their rates and bearish Saurashtra market. Other edible oils were steady. Market observed selling pressure which resulted in need base limited volume. End of the day sentiment was weak said sources.

Ahead of Budget and in absence of demand hardly 350- 400 tonnes palmolein was resold at ₹624-628 for ready delivery. Golden agri sold about 300 tonnes palmolein at ₹632 for February. Demand for other oils were missing.

Liberty: Palmolein Ex Shapur ₹655 for 28 February Super palmolein ₹675 for 28 February.

Allana: Palmolein Ex Khapoli ₹648 for 28 February. Soya refined oil ₹750 for 28 February. Sunflower refined oil ₹730 for March.

Ruchi: Soya oil ₹725 for 31 January and Sunflower refi.oil ₹722 for 31 January.

Golden agri: Palmolein ₹633 for 15 February and ₹635 for 16-28 February.

At Rajkot: groundnut oil Telia Tin decline to ₹1,400 (₹1,410) and Loose (10 kg) at ₹880 (₹890).

Malaysian crude palm oil, February-18 futures settled lower at MYR 2,490 (MYR 2,514), March-18 at MYR2,493 (MYR 2,517) and April-17 at MYR 2,492 (MYR 2,519).

On NCDEX: Soyabean refined oil February-18 declined to ₹745.60 (₹750.65) and March-18 dropped to ₹744.80 (₹749.80) till evening.

On BCE spot rates (₹/10 kg) were: groundnut oil 920 (925), soya refined oil 720 (720), sunflower exp. ref. 670 (665), sunflower ref. 720 (715), rapeseed ref. oil 790 (790), rapeseed expeller ref. 760 (760), cottonseed ref. oil 710 (710) and Palmolein 629 (630). Our Correspondent