Trading was dull in the edible oils market as traders turned cautious. Imported palmolein declined sharply by Rs 8 for 10 kg in line with drastic fall in Malaysian markets, while soyabean refined oil rose by Rs 5 despite fall in domestic futures market. Rapeseed-Mustard oil prices were up by Rs 5. Groundnut oil dropped by Rs 10 and sunflower oil eased by Rs 5.

A Mumbai-based broker said that report of China's plan to cut bank reserve ratio failed to lift the global commodities market. Poor Industrial production data in India and China weighed on the sentiments. Investors rushed to reduce riskier bets amid fears over Greece's political stability. The possible exit of Greece from the Ec may lead to further crash. He said that the domestic market took cues from the foreign market leading to heavy selling pressure in palm oil. Needy stockists took benefit of lower resale rates covering small quantity of palmolein in isolated trade.

Towards the day end, Liberty quoted palmolein at Rs 643/10 kg. Ruchi quoted palmolein at Rs 637, soya refined oil at Rs 708 and sunflower refined oil at Rs 735. Resellers were offering palmolein at Rs 634-635. Malaysia's crude palm oil June contracts closed lower at MYR 3,153 (MYR 3,283), July at MYR 3,150 (MYR 3,275) and August at MYR 3,145 (MYR 3,265) a tonne. The Bombay Commodity Exchange spot rates were (Rs/10 kg) : groundnut oil 1,170 (1,180), soya refined oil 710 (705), sunflower exp. ref. 665 (670), sunflower ref. 740 (740), rapeseed ref. oil 802 (798), rapeseed expeller ref. 772 (768) cotton ref. oil 685 (685) and palmolein 642 (650).

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