Commodities

Imported cooking oils ease despite weak ₹

Our Correspondent Mumbai | Updated on November 07, 2014 Published on November 07, 2014




Edible oils ruled weak on Friday on slack physical demand amid bearish futures. On the Bombay Commodity Exchange, major edible oils declined by ₹5-10 for 10 kg, while groundnut oil lost by ₹30 for 10 kg. Indigenous oils witnessed a sharp drop due to higher selling pressure, while imported palmolein and soya oil eased despite weak domestic currency as stockists stayed away. Rupee declined to ₹61.70 against the dollar making import costly. Stockists stayed away as they have bought enough in advance. Even weakness in domestic currency could not support the sentiment. During the day, hardly 500-600 tonnes of palmolein were traded in the range of ₹495-497. Improved arrivals of groundnuts and cottonseeds in Saurashtra and soyabean arrivals in Madhya Pradesh also weighed. Soyabean arrivals were around 6.50 lakh bags at the national level and of this, Madhya Pradesh received over 4.50 lakh sbags.

At the end of the day, Liberty was quoting palmolein at ₹512-514, super palmolein at ₹540 and soyabean refined oil at ₹615.

Ruchi was quoting palmolein at ₹512, soyabean refined oil at ₹601 and sunflower refined oil at ₹635.

Allana was quoting palmolein at ₹510, super palmolein ₹555, soyabean refined oil at ₹610 and sunflower oil at ₹640.

In Saurashtra – Rajkot Groundnut oil Telia tin dropped by ₹55 to ₹1,210 (₹1,265) and loose (10 kg) declined by ₹35 to ₹770 (₹805).

Malaysia BMD crude palm oil’s November contracts settled lower at MYR 2,192 (MYR 2,219), December at MYR 2,201 (MYR 2,228) and January at MYR 2,196 (MYR 2,222).

On the Bombay Commodity Exchange, spot rates (₹/10 kg) were: groundnut oil 830 (860), soya refined oil 600 (610), sunflower exp. ref. 577 (585), sunflower ref. 630 (635), rapeseed ref. oil 729 (733), rapeseed expeller ref. 699 (703) cottonseed ref. oil 610 (615) and palmolein 500 (505).

Published on November 07, 2014
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