Most edible oils price declined on Monday in the absence of demand tracking weak global markets.

In Mumbai market, soya refined oil, palmolein and cotton oil decline by Rs 3 each, rapeseed oil eased by Re 1 while Groundnut oil and Sunflower oil rule steady.

Groundnut oil in Saurashtra market declined on expectation of arrivals of new kharif crops and eased demand at higher price level. Domestic futures market was showing bearish mood in line with lower closing of Malaysian palm oil market. Volume was thin and need based in physical market.

Malaysian BMD CPO futures closed lower but market may recoup losses this week as global vegetable oil supplies may remain tight due to forecast smaller soya bean crops in the US. Malaysian BMD crude palm oil futures settled lower by 41, 30 and 32 ringgits a tonne.

According to wholesale dealers, in the absence of demand despite Ganeshotsav and under higher resales, selling pressure business activities were limited and need based.

Tepid buying

Lack of buying in forward delivery kept morale cautious as foreign markets also turn bearish after last week gain. Only about 150-200 tonnes of palmolein was resale traded in the range of Rs 549550.

Indigenous oils were under pressure of expectation of arrivals of new kharif crops very soon. There were no fresh volumes in domestic oils as traders preferred to take deliveries of old buying. At main producing centres sentiment was weak in line with bearish futures market.

Towards the day's close, resellers were quoting palmolein at Rs 550. Liberty's rates for palmolein was Rs 555 and Rs 552 for October, soya oil Rs 647, sunflower oil Rs 700. Palmolein was quoting Rs 553 and Rs 550 for October, soya refined oil Rs 645 and sunflower oil Rs 705. Allana's palmolein was Rs 554 for 10-20 and 20-30 September.

In Rajkot-Saurashtra, groundnut oil decline to Rs 1,600 (Rs 1,625) for Telia tin and loose — 10 kg to Rs 1,045 (Rs 1,055).

Malaysia's CPO futures — NBOT futures:

Malaysia's BMD CPO futures, September-11 closed at 3,144 (3,185), October-11, 3,079 (3,109) and November-11, 3,018 (3,050) MYR a tonne. Indore, NBOT soya oil September -11, futures was Rs 653 (Rs 658) and October-11, at Rs 644(Rs 651.40).

Bombay Commodity Exchange spot rate (Rs/10kgs): Groundnut oil 1,020 (1,020), soya refined oil 643 (646), sunflower expeller refined 660 (660), sunflower refined 705 (705), rapeseed refined oil 693 (694), rapeseed expeller refined 663 (664), cotton refined oil 653 (656) and palmolein was 553 (556).

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