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Edible oils witnessed mixed trend on Wednesday. Palmolein dropped by Rs 4 for 10 kg, tracking the bearish Malaysian palm oil market. Other oils ruled steady. Palm oil futures on Bursa Malaysia Derivatives (BMD) fell on Wednesday as traders booked profits due to renewed concerns about month-end stocks levels and good production prospects. The domestic market weakened as local demand was less than expected. Refineries reduced palmolein rates tracking bearish foreign markets. Stockists avoided new buying and took delivery of old contracts. Traders expect retail demand to rise in the beginning of the month. In Mumbai, groundnut, sunflower and rapeseed oils ruled steady. Soya oil rose by Rs 2 and cotton oil by Re 1. Crude palm oil (CPO) futures on BMD closed lower as investors booked profits after prices breached the psychological level of MYR3,400/tonne. A wholesaler said palmolein witnessed a slight increase in volumes on need-based buying by stockists. Indigenous oils remained steady despite lack of demand and selling. Stockists bought 250-300 tonnes of palmolein from resellers at Rs 575-578. There was talk of about 500 tonnes of palmolein changing hands among refineries at Rs 571. Palmolein volumes were estimated at 750-800 tonnes. Liberty quoted palmolein at Rs 582. Ruchi's rates were: for palmolein Rs 578, for soya refined oil Rs 640 and for sunflower oil Rs 695. Allana's palmolein was at Rs 576. In Saurashtra and Rajkot, groundnut telia tin ruled steady at Rs 1,305 and loose fetched Rs 845 for 10 kg.
Malaysia's BMD CPO June contract was at MYR3,435 (MYR3,475), July at MYR3,400 (MYR3,434), August at MYR3,360 (MYR3,393) a tonne. Indore NBOT soya oil June contract closed at Rs 652.10 (Rs 659) and July at Rs 654.80 (Rs 661).
Mumbai commodity exchange spot rate (Rs/10kg): Groundnut oil 865 (865), soya refined oil 637 (635), sunflower exp. ref. 645 (645), sunflower ref. 700 (700), rapeseed ref. oil 658(658), rapeseed expeller ref. 628 (628), cotton ref. oil 638 (637) and palmolein 578 (582).
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