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In edible oil markets, imported oils palmolein and soya oil extended last week's declining trend to lose further by Rs 2 and Rs 3 for 10 kg respectively on Wednesday taking the total fall to Rs 22 and Rs 20 in the last 10 days.
Weak foreign market and good progress of monsoon in India together put more pressure on sentiment. Demand continues to be less than expected.
Stockists have bought palmolein for near period forward delivery.
Groundnut oil dropped further by Rs 5 and rapeseed Rs 4. Sunflower oil ruled steady but cotton oil rose by Rs 5. Malaysian palm oil futures edged up on robust export growth although traders expect stronger production in the coming months could still keep stocks growing and prices weak. Bursa Malaysia Derivatives crude palm oil (CPO) July and August futures closed higher by 11 and 15 ringgits a tonne on technical buying.
In Rajkot market, groundnut oil telia tin price was down Rs 5 to Rs 1,450 (Rs 1,455) and loose (10 kg) declined by Rs 5 to Rs 945 (Rs 950). Good volume was witnessed directly with refineries for forward delivery at reduced rates. About 2,500-2,600 tonnes of palmolein was directly traded with refineries in the range of Rs 555-560 tracking bounce back in domestic and Malaysian markets. Other indigenous oil traders preferred to keep away from fresh bet and unloaded the old commitments.
Liberty was quoting palmolein at Rs 560; Ruchi's rate for Palmolein was Rs 558, soya refined oil Rs 623 and sunflower oil Rs 681. Allana's palmolein was Rs 558.
Malaysia's CPO futures - NBOT futures: Malaysia's BMD CPO July contract was at MYR3,284 (MYR 3,273), August at MYR3,268 (MYR3,253) and September at MYR3,270 (MYR3,248) a tonne. Indore NBOT soya oil July futures were at Rs 642.50 (Rs 641.40) and August at Rs 645.50 (Rs 642.50).
Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 940 (945), soya refined oil 622 (625), sunflower exp. ref. 640 (640), sunflower ref. 690 (690), rapeseed ref. oil 662(666), rapeseed expeller ref. 632 (636), cotton ref. oil 633 (628) and palmolein 559 (561).
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