Edible oil prices declined during the day trade on Thursday. Lack of demand with cautious mood ahead of industry data of palm and soya by exporting nations was the reason. But it rebounded in Malaysia towards the end of the day. Stockists covered good quantity of palmolein from refineries. Active volume pushed up sentiment for imported oils said traders.

In Mumbai, palmolein rose by Re 1 while other soft oils declined by Rs 2-5/10 kg. Groundnut oil lost further by Rs 15 on almost zero demand due to higher price level compared with cotton and other oils. New summer crop arrivals in producing area weighed on indigenous oils. Costlier import parity because of continuous weakness in the Indian currency against dollar improved the fresh buying sentiment, said sources.

Mumbai's two leading refineries have sold about 1,000 – 1,200 tonnes of palmolein in the range of Rs 655-657 for near term delivery. As demands for ready delivery was lower than expected, refineries kept price for palmolein unchanged. Liberty, towards the end of the day, quoted palmolein at Rs 657-658. Ruchi quoted palmolein at Rs 658, soya refined oil at Rs 711 and sunflower refined oil at Rs 740. Allana's rate for palmolein was Rs 660. Mewah's rate was Rs 657. Resellers offered palmolein at Rs 654-655. In Rajkot - Saurashtra groundnut prices increased to Rs 1,840 (Rs 1,830) for Telia tin and Rs 1,200 (Rs 1,190) for loose - 10kg.

Malaysia's crude palm oil June contracts closed at MYR 3,360 (MYR 3,340), July at MYR 3,349 (MYR 3,335) and August at MYR 3,340 (MYR 3,324) a tone. The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,185 (1,200), soya refined oil 710 (712), sunflower exp. ref. 665 (665), sunflower ref. 740 (740), rapeseed ref. oil 810 (815), rapeseed expeller ref. 780 (785) cotton ref. oil 692 (695) and palmolein 656 (655).

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