Edible oil prices turned weak on Wednesday evening in the absence of fresh demand. They also tracked the lower closing of the Malaysian palm oil market.

Soya refined oil and rapeseed oil declined by Rs 2 each, while palmolein rose by Rs 2 for 10 kg on resale selling pressure. Other oils remain unchanged.

Bursa Malaysia Derivatives (BMD) crude palm oil (CPO) futures slipped, though declines were limited. According to sources, at the start of the day, a leading local refinery reduced the rates for palmolein by Rs 3, tracking weakness in foreign markets. But the response from the buyers was lukewarm. Despite lowering rates, there was no direct trade with refineries.

Local demand was absent but traders expect retail demand to pick up from next week. Towards the day's close, re-sellers quoted palmolein at Rs 556-557. Liberty's rate for palmolein was Rs 562, soya oil Rs 641, and sunflower oil Rs 700.

Ruchi quoted palmolein at Rs 560, soya refined oil Rs 639, and sunflower oil Rs 700.

Allana's palmolein was Rs 560 for September. Palmolein for October delivery was quoted by refineries at Rs 557-559. In Rajkot, Saurashtra, groundnut oil ruled steady at Rs 1,500 (Rs 1,500) for Telia tin, and loose 10kg was at Rs 980 (Rs 980).

Malaysia's CPO futures : September contracts closed at MYR 3,139 (3,161) a tonne; October at 3,070 (3,104); and November 3,036 (3,068).

Indore NBOT soya oil September contracts declined to Rs 662 (Rs 664) and October at Rs 650 (Rs 651.20).

Mumbai Commodity Exchange spot rate (Rs/10 kg) : Groundnut oil 970 (970), soya refined oil 638 (640), sunflower expeller refined 660 (660); sunflower refined 705 (705); rapeseed ref. oil 693 (695); rapeseed expeller refined 663 (665); cotton refined oil 655 (655); and palmolein 560 (558).

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