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Most of the edible oils declined sharply by Rs 5-8 on Tuesday on profit-booking by speculators, resale selling pressure and weak global future markets. Lack of fresh local demand kept the volume low.
Bursa Malaysian Derivatives crude palm oil futures closed lower by 20, 23 ringgits (MYR) a tonne. In the Mumbai market, soya refined oil declined by Rs 5, palmolein by Rs 8, cotton refined oil by Rs 5, sunflower oil by Rs 5 a 10-kg.
Soya oil futures, which were under selling pressure, showed downturn. In Gujarat, with the increase in arrivals groundnut oil price at the main producing centre Rajkot - Saurashtra came down by Rs 25 to Rs 1,205 (Rs 1,230) a tin and Rs 780 (Rs 785) for a 10-kg loose.
Crude palm oil January contracts closed at MYR 3,847 (3,867) and February at MYR 3,850 (3,873). Indore NBOT soya oil January contracts closed at Rs 632.10 (Rs 635.40) and February at Rs 642.60 (Rs 648.80).
Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 780 (780), soya refined oil 615 (620), sunflower exp. ref. 660 (665), sunflower ref. 720 (720), rapeseed ref. oil 643 (645), rapeseed expeller ref. 613 (615), cotton ref. oil 595 (600) and palmolein was 587 (595).
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