Edible oils market witnessed a cautious mood on Monday as main producing centres in the country remained bearish and foreign markets range-bound.

Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) closed marginally lower. Volumes were negligible in the local market due to a festival.

Lack of new demand cooled palmolein and cotton oil by Re 1 for 10 kg each.

Soya, sunflower and rapeseed oils rule steady. Groundnut oil rose by Rs 5, ignoring a sharp decline in Saurashtra.

Domestic futures market remained volatile on speculation. Widespread rain in main producing centres such as Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Andhra Pradesh and Karnataka, have improved prospects for kharif sowing.

As of July 8, 54.36 lakh hectares have been covered under oilseeds. In Rajkot and Saurashtra, groundnut oil declined sharply by Rs 25 to Rs 1,475 (Rs 1,500) for a telia tin and by Rs 15 to Rs 955 (Rs 970) for loose (10 kg) as exporters bought lesser amount of HPS groundnuts.

In the local market, Liberty sold palmolein at Rs 535-536. Ruchi's rate for palmolein was Rs 532, for soya refined oil Rs 626 and for sunflower oil Rs 681-682. Allana's palmolein was at Rs 532.

Malaysia's BMD CPO August contracts closed at MYR3,078 (MYR3,085), September at MYR3,074 (MYR3,077) and October at MYR3,070 (MYR3,078) a tonne.

Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 965 (960), soya refined oil 630 (630), sunflower exp. ref. 650 (645), sunflower ref. 690 (690), rapeseed ref. oil 662 (662), rapeseed expeller ref. 632 (632), cotton ref. oil 644 (645) and palmolein 532 (533).

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