In edible oil markets, imported palmolein and soyabean refined oil dropped by Rs 4 and Rs 9 for 10-kg each on Monday tracking weak futures and need-based demand in physical market. Groundnut oil, Sunflower oil, rapeseed oil and cotton refined oil ruled steady. Stockists preferred to book profit on recent price hike and kept away from fresh buying. Volume was very thin and isolated.
During the day with cautious mood about 150-200 tonnes of palmolein were resale traded in the range of Rs 618-621 for ready. Deficit rain will push up bullish sentiment further in coming festival days. New season is expected to be delayed by a month. Domestic refineries have reduced their rates by Rs 5 in line with weak sentiment abroad.
Liberty was quoting palmolein at Rs 625-626 for August and Rs 628-629 for September, Super palmolein at Rs 665-667, Soya oil Rs 748 and Sunflower refined oil Rs 770. Ruchi quoted palmolein at Rs 623 for August and Rs 626 for September. Soya refined oil was Rs 741 for August and Rs 744 for September. Sunflower refined oil was Rs 767 for August and Rs 770 for September. Allana’s rate for palmolein was Rs 629 for 1-15 September and super Rs 670. Vaibhavi quoted palmolein at Rs 625 for August and Rs 628 for September.
In Saurashtra – Rajkot, Groundnut oil was up by Rs 10 to Rs 1,880 for
Malaysia's crude palm oil September contracts settled lower at MYR 2,898 (MYR 2,907), October at MYR 2,918 (MYR 2,918) and November at MYR 2,934 (MYR 2,935) a tonne.
The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,220 (1,220), soya refined oil 741 (750), sunflower exp. ref. 705 (705), sunflower ref. 770 (770), rapeseed ref. oil 890 (890), rapeseed expeller ref. 860 (860) cotton ref. oil 755 (755) and palmolein 620 (624).