After witnessing a steady trend during the day, bearish sentiment prevailed on the Mumbai edible oil markets towards close in the absence of local demand and weak foreign markets on Thursday.

Firm reports from producing centers lifted groundnut oil by Rs 10 and cotton oil increased by Rs 2 for 10 kg. Tracking lower closing of the Malaysian market, palmolein lost Rs 6. Sunflower oil declined by Rs 5. Soya oil and rapeseed oil ruled steady. Local demand continues to be need-based and kept stockists away from fresh buying. The volume was negligible as most preferred to fulfil old commitments.

In Mumbai, most traders/stockists preferred to fulfil old commitments. Refineries reduced the rates of palmolein by Rs 5-7 . Indigenous oils also suffered setback on cloudy weather and absence of demand. Liberty quoted palmolein at Rs 555, Ruchi's rate for palmolein was Rs 553, soya refined oil Rs 621 and sunflower oil Rs 680. CPO July contracts ended at MYR 3,218 (3,284) and August at 3,200 (3,268), while September closed at 3,193 (3,270) MYR a tonne.

Mumbai commodity exchange spot rate (Rs/10 kg) : Groundnut oil 950 (940), soya refined oil 622 (622), sunflower exp. ref. 635 (640), sunflower ref. 685 (690), rapeseed ref. oil 662(662), rapeseed expeller ref. 632 (632), cotton ref. oil 635 (633) and palmolein 553 (559).