In the absence of active business due to Bharat Bandh, most edible oils prices ruled steady on Thursday, except imported palmolein which rose by Re 1 and cotton refined oil up by Rs 7 for 10 kg. Groundnut oil, soya oil, sunflower oil and rapeseed oil ruled unchanged.

Extended decline in Malaysian palm oil futures weighed on the sentiment.

Mr Shailes Kataria, a leading edible oil broker, said that the undercurrent of the edible oil markets will remain firm at the domestic level due to higher import parity on weak rupee. With the onset of monsoon, arrival of indigenous oilseeds is expected to decline. Weather concerns in South-East Asia will direct the future trends. Higher demand ahead of Ramadan Eid (Muslim festival) may lift CPO and soya oil futures. About 80-100 tonnes of palmolein were traded in resale at Rs 636-637. Ruchi sold about 250-300 tonnes palmolein at Rs 638 for delivery during June 10-30. It then raise rates by Rs 2 to Rs 640. Towards the day end, Liberty quoted palmolein at Rs 646 for June, soya oil Rs 715 and sunflower refined oil Rs 740. Ruchi quoted palmolein at Rs 640 for June10-30, soya refined oil at Rs 710 and sunflower refined oil at Rs 735. Allana's rate for Palmolein was Rs 646 for June15- 30. Resellers quoted palmolein at Rs 637-638. In Rajkot, groundnut oil was up by Rs 30 to Rs 1,840 (Rs 1,810) for Telia tin and higher by Rs 20 to Rs 1,200 (Rs 1180) for loose 10 kg.

Malaysia's crude palm oil July contracts closed at MYR 3,095 (MYR 3,109), August at MYR 3,101 (MYR 3,111) and September at MYR 3,104 (MYR 3,108) a tonne. The Bombay Commodity Exchange spot rates were (Rs/10 kg) : groundnut oil 1,175 (1,175), soya refined oil 705 (705), sunflower exp. ref. 670 (665), sunflower ref. 725 (725), rapeseed ref. oil 815 (815), rapeseed expeller ref. 785 (785) cotton ref. oil 672 (665) and palmolein 637 (636).

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