Edible oils ruled mixed on Wednesday on ease in physical demand and weak futures markets. Soyabean refined oil increase by Rs 1, while groundnut oil and cotton refined oil rose by Rs 5 each, following a gain in the Saurashtra market.
In Rajkot, groundnut oil jumped by Rs 20-25. Palmolein, sunflower and rapeseed oil rule unchanged. The volume remained low and isolated. Malaysian palm oil futures gave up initial gain and closed lower as weak exports weighed on prices. The moral was weak at the end of the day, said sources.
During the day, stockists keep away from fresh buying tracking weak futures markets and slack demand. They bought more than 2,500 tonnes of palmolein in the last two days. For indigenous oils, expectation of higher arrivals of seeds and availability of oils continue to weigh on sentiments.
Malaysian palm oil dropped on weak exports data (fall 2.5 per cent so far this month) and Indonesia’s decision to slash its crude palm oil export tax to 10.5 per cent for February may channel some demand away from the second-largest producer, said an analyst. Towards the day’s close, Liberty was quoting palmolein at Rs 574; super palmolein at Rs 594, super deluxe palmolein at Rs 614 and soyabean refined oil at Rs 650. Ruchi quoted palmolein at Rs 572; soyabean refined oil at Rs 647 and sunflower refined oil at Rs 665.
Allana was quoting palmolein at Rs 572; soyabean refined oil at Rs 650 and sunflower refined oil at Rs 665. Resellers were quoting palmolein at Rs 567-568 ex JNPT. At Rajkot, groundnut oil increased to Rs 1,210 (Rs 1,190) for telia tin and Rs775 (Rs 750) for loose (10 kg). Soyabeans arrivals in Rajasthan and Maharashtra were 95,000 bags and its prices in Maharashtra were Rs 3,630-3,750 and Rs 3,550-3,750 ex Mandi in Madhya Pradesh and Rs 3,850-3,925 plant delivery.
Mustard seed arrivals were 64,000 bags and its prices were Rs 3,230-3,775. On the National Commodities and Derivatives Exchange, February -14 contracts was higher at Rs 684.00 (Rs.683.70); March-14 at Rs673.05 (Rs671.00); and April at Rs666.50 (Rs664.10). On Thursday, Malaysia BMD crude palm oil’s February-14 contracts settled lower at MYR 2,557 (MYR 2569); March-14 at MYR 2,565 (MYR 2577); and April-14 at MYR 2,575 (MYR 2587).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 790 (785); soya refined oil 648 (647); sunflower exp. ref. 610 (610); sunflower ref. 665 (665); rapeseed ref. oil 730 (730); rapeseed expeller ref. 700 (700); cottonseed ref. oil 625 (620); and palmolein 568 (568).
Vikram Global Commodities (P) Ltd has quoted Rs 595/10 kg for Malaysia super palmolein February delivery.