Edible oils dipped further on Friday tracking extended sharp declines in global palm oil and soya oil futures. Expectation of higher rabi acreage and month-end continued to drag down prices. Indigenous groundnut oil, cotton refined oil and sunflower oil dropped further by Rs 10, Rs 8 and Rs 5 each for 10 kg. Imported palmolein lost Rs 5 and soyabean refined oil lost Rs 10 for 10 kg, down Rs 40 and Rs 57 respectively in the last eight days. The rupee rose to a near five-month high on Friday. This may prompt Indian importers to buy more for the festival season. Soya oil futures extended losses on Friday to hit their lowest in nearly 10 months, hurt by a strong rupee and weak spot demand, while soyabeans fell to a six-month low as supplies from the new crop start arriving in local markets.

Liberty quoted Palmolein at Rs 542-548 and super palmolein at Rs 615 for delivery between October 10 and 30, soya oil at Rs 695 and sunflower refined oil at Rs 740. Ruchi offered palmolein at Rs 540, super palmolein at Rs 600, soya refined oil at Rs 691 and sunflower refined oil at Rs 730. Allana quoted Rs 540 for palmolein and Rs 600 for super palmolein. On the National Commodities and Derivatives Exchange, soyabean refined oil futures touched the lower circuit losing more than Rs 27 for 10 kg. The October contract was at Rs 675.60 (Rs 703.75), November at Rs 647.35 (Rs 674.30) and December at Rs 649.15 (Rs 676.20).

Malaysia’s crude palm oil’s October contracts closed at MYR 2,420 (MYR 2,480), November at MYR 2,461 (MYR 2,545) and December at MYR 2,546 (MYR 2,607) a tonne. In Saurashtra and Rajkot, a telia tin of groundnut oil was up to Rs 1,550 (Rs 1,540) while loose (10 kg) was at Rs 1,000 (Rs 1,000).

The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,030 (1,040), soya refined oil 690 (700), sunflower exp. ref. 685 (690), sunflower ref. 735 (738), rapeseed ref. oil 830 (830), rapeseed expeller ref. 800 (800) cotton ref. oil 667 (675) and palmolein 542 (547).

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