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The edible oil market witnessed a weak trend despite higher volume, tracking decline in the Malaysian market on Tuesday. Bursa Malaysia Derivatives (BMD) crude palm oil (CPO) futures closed lower. In the Mumbai market, imported oils, palmolein and soya refined oil, dipped by Rs 2 . Sunflower oil and groundnut oil lost Rs 5 each. Rapeseed and cotton oil ruled steady. In Saurashtra, groundnut oil came down on wet weather condition after last week's rise. Malaysia's CPO futures closed lower on technical selling, but prices are expected to strengthen, as higher June 1-15 exports offset concerns over accelerating Chinese inflation. Traders tip a possible rebound as a $50-$70/tonne discount to rival soya oil attracts buying interest.
Soya, oilseeds futures
India's soya oil and oilseeds futures closed lower on global cues and as traders avoided taking positions watching the progress of monsoon, analysts said. Major soyabean growing regions across India are receiving rains. . In the absence of fresh demand in ready activities were limited. Resellers were quoting lower rates for palmolein and this kept the sentiment weak. Malaysia's CPO futures tumbled over 180 ringgits last week. In the Rajkot market, in the absence of demand groundnut oil telia tin price lost Rs 20 to Rs 1,455-1,475 and loose 10 kg declined by Rs 5 to Rs 950-955. About 1,500-1,550 tonnes of palmolein were directly traded with one refinery at Rs 561 for forward delivery. Resellers quoted Rs 560 . In indigenous oils, traders preferred to unload old commitments. Liberty was quoting palmolein at Rs 565, Ruchi's rate for palmolein was Rs 561, soya refined oil, Rs 625, and sunflower oil, Rs 685. Allana's palmolein was Rs 563.
Malaysia's CPO July contracts closed at MYR 3,273 (3,281), August at 3,253 (3,260) and September at 3,248 (3,262) MYR a tonne. Mumbai commodity exchange spot rate (Rs/10kg) : Groundnut oil 945 (950), soya refined oil 625 (627), sunflower exp. ref. 640 (645), sunflower ref. 690 (695), rapeseed ref. oil 666(666), rapeseed expeller ref. 636 (636), cotton ref. oil 628 (628) and palmolein was 561 (563).
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