Edible oils continue to dip on weak global cues

Our Correspondent Mumbai | Updated on June 27, 2012


Edible oil prices on Wednesday declined further by Rs 3-5 for 10 kg, in line with weak global market.

Malaysian crude palm oil (CPO) February and March futures closed below 3,700-ringgits level, as investors booked profits ahead of a key monthly USDA report, due later on Wednesday.

Groundnut oil ruled steady on poor demand and weak undertone in producing areas. In Rajkot market, groundnut oil prices ruled steady at the previous level.

In the Mumbai market, the volume of trade was very limited. In the ready market, about 150/200 tonnes of palmolein was traded in resale in the range of Rs 580-582. Refineries were quoting higher rates. Due to cold weather conditions, the consumption/demand for palmolein has reduced sharply. Liberty was quoting palmolein at Rs 585. Ruchi was quoting it at Rs 585, while offering soya refined oil at Rs 614 and sunflower oil at Rs 700 for 10 kg.

In Saurashtra, groundnut oil prices were steady at Rs 1,155 (Rs 1,155) a tin and Rs 745 (Rs 745) a 10 kg.

In Indore, soyabean arrivals were around 1.50/1.60 lakh bags, quoting at Rs 2,300/Rs 2,340 a quintal.

Malaysia's BMD CPO February contracts closed at 3679 ringgits (3725) and March at 3650 ringgits (3703). Indore NBOT soya oil January contracts ended at Rs 629 (Rs 630) and February at Rs 638 (Rs 638).

Mumbai commodity exchange spot rate (Rs/10kg): Groundnut oil 760 (760), Soya refined oil 612 (615), Sunflower exp. refined 670 (675), Sunflower refined 715 (715), Rapeseed refined oil 632 (636), Rapeseed expeller refined 602 (606), Cotton refined oil 595 (598) and Palmolein was at 576 (581).

Published on January 12, 2011

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