Palmolein drops on resale pressure

Our Correspondent Mumbai | Updated on February 15, 2011

Edible oil

Edible oil prices in Mumbai market remained unchanged on Monday, for most of the oils, on lack of local demand and weak reports from upcountry and foreign markets.

Resale selling pressure and offers from refineries at lower prices weighed on sentiment, and resulted in a decline of Rs 7 in palmolein.

thin volume

Other edible oils ruled unchanged. In palmolein, fresh buying in ready was need-based. The volume was thin and sentiment was weak.

The Malaysian market closed lower on the expectation of fall of exports for February 1-15 and investors booked profit after sharp gains in the last seven trading days.

Market sources said that on Monday, only 50-60 tonnes of palmolein were traded in re-sale in the range of Rs 602-603 in the Mumbai market.

Direct refineries were quoting higher rates. For indigenous oils, there were no buyers.

In the Rajkot market, groundnut oil was Rs 1,165 (Rs 1,165) for Telia tin and Rs 755 (Rs 755) for loose 10 kg.

In Mumbai, Liberty was quoting palmolein at Rs 618-620, Ruchi was quoting palmolein at Rs 610-612, soya refined oil at Rs 630, and sunflower refined oil at Rs 700.

Allana's was quoting palmolein at Rs 620 and Bhogi Group at Rs 605.

Malaysia's CPO futures - NBOT futures: Malaysia's crude palm oil March contracts closed at MYR 3,967 (3,970) and April at 3,933 (3,955) MYR.

Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 765 (765), soya refined oil 630 (630), sunflower expeller refined 670 (675), sunflower refined 715 (715), rapeseed refined oil 655 (655), rapeseed expeller refined 625 (625), cotton refined oil 625 (625) and palmolein was 605 (612).

Published on February 14, 2011

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