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Most of the edible oils extended losses, except groundnut and soya refined oils that remained steady, on Wednesday. In Mumbai, palmolein declined by Rs 2, rapeseed oil by Rs 7, cotton refined oil by Rs 3 and sunflower oil by Rs 5 for 10 kg. Indore soya oil futures witnessed range-bound movement on expectation of higher arrivals of seeds. In the ready market, morale was weak as buying remained need-based.
Crude palm oil (CPO) futures at Bursa Malaysia Derivatives were up at mid-day on dip-buying and palm oil's widening discount to soya oil futures, but then ended lower on Wednesday as investors booked profits on expectations of rising supplies this month. Sources said Indore soya oil April contract initially declined on profit-taking, but then bounced back. In the local market, need-based buying kept volumes thin. About 60-70 tonnes palmolein was resale-traded at Rs 565-566. Stockists covered their requirement. There was no trade in other indigenous oils as rising new crop arrivals in groundnut and rapeseed pressed sentiment. There was no direct trade with refineries despite reduced rates.
Liberty was quoting palmolein at Rs 568. Ruchi's rates for palmolein was Rs 565, for soya refined oil Rs 605 and for sunflower oil Rs 670. Allana was offering palmolein at Rs 568 for 10 kg. Resalers were quoting palmolein at Rs 566. In Rajkot, groundnut oil was up by Rs 10 at Rs 1,195 (Rs 1,185) for telia tin and Rs 5 to Rs 775 (Rs 770) for loose 10 kg.
Malaysia's CPO futures - NBOT futures: Malaysia's BMD CPO April contract closed at MYR3,347 (MYR3,360), May contract closed at MYR3,328 (MYR3,335) and June contract closed at MYR3,306 (MYR3,308) a tonne. Indore NBOT soya oil April contract was at Rs 603 (Rs 604) and May contract at Rs 613 (Rs 612).
Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 755 (755), soya refined oil 600 (600), sunflower exp. ref. 635 (640), sunflower ref. 680 (680), rapeseed ref. oil 608 (615), rapeseed expeller ref. 578 (585), cotton ref. oil 592 (595) and palmolein was 566 (568).
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