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Edible oils witnessed diverse trends in spot and futures markets on Friday. Imported ones like palmolein and soya oil declined in the physical market despite domestic and foreign future markets rebounding. Palmolein lost Rs 8 and soya oil declined by Rs 2, in line with refineries' cut in prices. Groundnut oil extended gains by another Rs 10 tracking sharp rise in the Saurashtra market. Cotton oil dropped by Rs 8 and rapeseed oil fell Rs 3 for 10 kg. Sunflower oil ruled steady.
A wholesaler said cloudy weather in central, western and northern India before kharif sowing weighed on the market sentiment. Need-based local demand kept stockists away from new buying. Volumes remained negligible for the second straight day.Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) closed marginally higher.
In Saurashtra, groundnut oil ruled firm on demand for HPS groundnuts by exporters as demand from China, Indonesia and Malaysiaremained strong. In Rajkot, groundnut oil telia tin price shot up by Rs 30 to Rs 1,485 (Rs 1,455) and loose (10 kg) by Rs 20 to Rs 965 (Rs 945).
In Mumbai, market remained dull in absence of new buying. Most traders/stockists preferred to unload old contracts. Rapeseed oil and cotton oil suffered setback on cloudy weather and improved selling at producing centres. Liberty was quoting palmolein at Rs 550. Ruchi's rates were: for palmolein Rs 547, for soya refined oil Rs 620 and for sunflower oil Rs 678. Allana's palmolein was at Rs 548. Resellers offered palmolein at Rs 545-546. Malaysia's BMD CPO July contract was at MYR3,225 (MYR3,218), August at MYR3,205 (MYR3,200) and September at MYR3,198 (MYR3,193) a tonne. Soya oil July contract on National Board of Trade in Indore was at Rs 637 (Rs 631) and August at Rs 636.50 (Rs 632.50).
Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 960 (950), soya refined oil 620 (622), sunflower exp. ref. 635 (635), sunflower ref. 685 (685), rapeseed ref. oil 659 (662), rapeseed expeller ref. 629 (632), cotton ref. oil 627 (635) and palmolein 545 (553).
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