Groundnut oil, soyabean and rapeseed refined oil prices dropped for the third consecutive day on the oils and oilseeds market on Thursday. The fall is in view of optimism generated over the kharif oilseeds crop.

Imported palmolein gained by Rs 5 for 10 kg narrowing the gap between rates quoted by refiners and resellers.

Sunflower and cotton refined oil ruled steady. Volume was thin, tracking slack demand and bearish futures, said traders.

A trader said: “Physical demand for edible oils remains subdued as stockists have already covered enough for the month and now prefer to fulfil their commitments.

Continuous drop in value of the rupee against dollar has made imports costly.” Stockists are keeping away from building inventories in view of monsoon.

In the last three weeks, volume has remained need-based. On Thursday, hardly 200-250 tonnes of palmolein were trade in resale at Rs 527-528.

At the end of the day, Liberty quoted palmolein at Rs 545, super palmolein at Rs 580 and super deluxe at Rs 600.

Ruchi quoted palmolein at Rs 548, soyabean refined oil at Rs 668 and sunflower refined oil at Rs 800.

In Rajkot, groundnut oil declined by Rs 40 to Rs 1,410 (Rs1,450) for telia tin and by Rs 20 to Rs 910 (Rs 930) for loose (10 kg).

On Bursa Malaysia Derivatives Exchange, crude palm oil July contracts settled lower at MYR 2,348 (MYR 2,370), August at MYR 2,359 (MYR 2,382) and September at MYR 2,355 (MYR 2,379) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg) were : Groundnut oil 930 (950), soya refined oil 669 (670), sunflower expeller refined oil 735 (735), sunflower ref. 800 (800), rapeseed ref. oil 695 (698), rapeseed expeller ref. 665 (668) cottonseed ref. oil 661 (661) and palmolein 530 (525).

Vikram Global Commodities , Chennai quoted Malaysian Super Palmolein at Rs 581 ex-Chennai.

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