Bearish global cues drag edible oils

Our Correspondent Mumbai | Updated on April 30, 2014

The sentiment in edible oils market remained bearish on Wednesday tracking weak foreign markets amid slack physical demand. On the Bombay Commodity Exchange, palmolein dropped by ₹2 as local refineries reduced their rates . Sunflower oil gained ₹2-5 for 10 kg, while all other edible oils were unchanged.During the day, hardly 80-100 tonnes of palmolein were resold in isolated trades. Lower arrivals of oilseeds in producing centres kept indigenous oils unchanged.

Liberty was quoting palmolein at ₹612 for June 10, super palmolein ₹632 and soyabean refined oil ₹674. Ruchi quoted palmolein at ₹608, soyabean refined oil ₹672 and sunflower refined oil ₹672 for June. Allana was quoting palmolein at ₹610, soyabean refined oil ₹672, sunflower refined oil ₹671. At Rajkot, groundnut oil Telia tin was ₹1,125 (₹1,125) and loose (10 kg) at ₹710 (₹710).

Malaysia BMD crude palm oil’s May futures settled lower at MYR 2,691 (MYR 2,690), June MYR 2,640 (MYR 2,652) and July MYR 2,623 (MYR 2,636).

BCE spot rates (₹/10 kg): groundnut oil 760 (760), soya refined oil 675 (675), sunflower exp. ref. 615 (610), sunflower ref. 672 (670), rapeseed ref. oil 697 (697), rapeseed expeller ref. 667 (667) cottonseed ref. oil 675 (675) and palmolein 608 (610).

Published on April 30, 2014

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