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Edible oil prices ruled steady after an initial drop, in line with foreign markets' rebounding on Tuesday. On selling pressure in resale market and liquidation by speculators/stockists, palmolein droped further by Rs 3. A bearish cotton market weighed on cotton oil prices with a decline of Rs 4 and rape seed oil extended losses by Rs 4. Groundnut oil, soya and sunflower oil ruled steady. At the ready market, volumes were need-based and low. Some trade took place in palmolein for June delivery at lower prices. The sentiment become positive after higher closing in Malaysia, said market players.
Liberty's was quoting palmolein, ready delivery, at Rs 558, Ruchi's rate for palmolein Rs 551, soya refined oil at Rs 590 and sunflower oil Rs 660. Allana's palmolein was Rs 553 for 20-30 May delivery. Resale rate was Rs 551-552.
Malaysia's CPO futures:Malaysia's crude palm oil May contracts ended at MYR 3,310 (3,299) and June at 3,277 (3260) MYR a tonne. Mumbai commodity exchange spot rate (Rs/ 10kg ):Groundnut oil 810 (810), soya-refined oil 590 (590), sunflower exp. ref. 620 (620), sunflower ref. 660 (665), rapeseed ref. oil 592 (595).
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