Imported edible oils – palmolein and soya oil – declined by Re 1 and Rs 4 respectively in Mumbai on Friday tracking weak global markets.

Groundnut oil, sunflower oil, cotton oil and rapeseed oil remained unchanged. Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) declined sharply for the second straight day.

Tracking weak foreign markets, local refiners reduced prices of palmolein and soya oil by Rs 2-4. While 250-300 tonnes of palmolein at Rs 548-549, merely 40-50 tonnes of other edible oils were traded. New retail demand is expected to improve as festivals begin from the next week.Resellers quoted palmolein at Rs 548-550. Liberty offered palmolein at Rs 555, soya oil at Rs 634 and sunflower oil at Rs 700. Ruchi offered palmolein at Rs 553, soya refined oil at Rs 632 and sunflower oil at Rs 700.

Malaysia's BMD CPO September contract closed at MYR3,118 (MYR3,148), October at MYR3,035 (MYR3,068) and November MYR3,003 (MYR3,026) a tonne. September contract of soya oil closed at Rs 654.60 (Rs 651.40) and October at Rs 638.80 (Rs 633.50).

Mumbai Commodity Exchange spot prices (Rs/10 kg): groundnut oil 970 (970), soya refined oil 634 (638), sunflower exp. ref. 655 (655), sunflower ref. 705 (705), rapeseed ref. oil 693 (693), rapeseed expeller ref. 663 (663), cotton ref. oil 655 (655) and palmolein 552 (553).

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