Weaker global cues weigh on imported cooking oils

Imported palmolein and soya oil declined by ₹2 and ₹5 for 10 kg each as local refineries cut their rates in line with weak opening of Malaysian palm oil and domestic soya oil futures.

Groundnut and rapeseed oil rose by ₹20 and ₹2 each.

During the day about 300-400 tonnes of palmolein were resold at ₹508-512 in spot market.

Demand for indigenous edible oils was lacking on report of arrivals of monsoon rain in some parts of the country.

Liberty was quoting palmolein at ₹518 JNPT, super palmolein ₹546 and soyabean refined oil ₹612. Ruchi traded palmolein for ₹518 JNPT, soyabean refined oil ₹608, sunflower refined oil ₹701. Allana’s rates: palmolein ₹518, super palmolein ₹551, soyabean refined oil ₹610 and sunflower oil ₹705.

In Saurashtra-Rajkot, groundnut oil Telia tin jumped to ₹1,510 (1,470) and loose (10 kg) at ₹975 (950).

BCE spot rates (₹/10 kg): groundnut oil 950 (930), soya ref. oil 605 (610), sunflower exp. ref. 655 (650), sunflower ref. 700 (700), rapeseed ref. oil 887 (885), rapeseed exp. ref. 857 (855), cottonseed ref. oil 615 (615) and palmolein 510 (512).