Edible oil market witnessed steady trend tracking Malaysian palm oil on Friday.

In spot, resale selling pressure increased as speculators booked profit. Groundnut oil and Sunflower oil declined by Rs 5/10 kg, cotton oil declined by Rs 3 and palmolein dipped by Rs 2 on subdued demand. Rapeseed oil and soya oil extended gain by Rs 2-7 for 10 kg on lack of resale selling. Stockists preferred to fulfil old commitments and keep away from fresh buying which led to low volume. Malaysian CPO futures slipped on profit-taking after two days' rally. CPO futures pulled back on profit-taking and concerns over the US economic recovery and declined in overnight soya oil and crude oil. Futures closed lower.

According to a leading trader, the market witnessed almost zero volume on Friday as it had witnessed good volumes during the last two days, tracking the bull run in the world (Malaysia and Chicago) edible oil market. In last two days, about 3,000-3,500 tonnes of palmolein were directly traded with local refineries for July–August delivery. Retail demand also eased with usual month-end period. Due to lack of demand, resellers were quoting palmolein at Rs 542. Refineries Liberty was quoting palmolein at Rs 545. Ruchi's rate for palmolein was Rs 544, soya refined oil was Rs 638 and sunflower oil Rs 693. Allana's palmolein was Rs 545. In Rajkot-Saurashtra, groundnut oil price dropped by Rs 20 to Rs 1,500 (Rs 1,520) for Telia tin and loose – 10 kg by Rs 10 to Rs 975 (Rs 985).

Malaysia's CPO futures : Malaysia crude palm oil August contracts closed at MYR 3,130 (3,145), September at 3,116 (3,144) and October at 3,115 (3,141) a tonne. Bombay Commodity Exchange spot rate (Rs/10 kg) : Groundnut oil 960 (965), soya refined oil 640 (638), sunflower exp. ref. 655 (660), sunflower ref. 700 (700), rapeseed ref. oil 674 (667), rapeseed expeller ref. 644 (637), cotton ref. oil 652 (655) and palmolein 542 (544).

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