Edible oils fall on global cues

Our Correspondent Mumbai | Updated on June 05, 2014 Published on June 05, 2014

The edible oils market ruled mix on Thursday with groundnut and palmolein increasing ₹5 and ₹2 each for 10 kg. Soyabean and sunflower oil declined by ₹8 and ₹5 each. Rapeseed and cotton refined oil ruled steady.

Malaysian palm oil futures closed lower snapping the previous day’s rise on expectations of a slow down in export growth due to dwindling demand for the tropical oil during monsoon.

Stockists bought more than 3,000 tonnes of imported edible oils the previous day, in line with the rising trend, but kept away on Thursday as the futures market could not sustain the momentum and fell. Tracking bearish overseas markets, domestic soya oil futures also showed a negative trend till evening. In the spot market, there were no noticeable activities. Towards the day’s close, Liberty was quoting palmolein at ₹557, super palmolein at ₹570 and soyabean refined oil at ₹645 for July 10. Ruchi was quoting palmolein at ₹555 and soyabean refined oil at ₹635. Allana was quoting palmolein at 553-555 ex-JNPT/Khapoli, soyabean refined oil at 635, and sunflower refined oil at ₹660.

Vikram Global Commodities (P) Ltd quoted Rs 605 for Malaysian Super Palm delivery in June.

In Saurashtra, groundnut oil telia tin was ₹1,060 (₹1,055) and loose (10 kg) at ₹660 (₹665). Soyabean arrivals in Madhya Pradesh were around 30,000 bags while 1.80-2 lakh bags of rapeseed-mustard seeds arrived at the producing centres.

Malaysia crude palm oil June contracts settled lower at MYR 2,423 (MYR 2,440), July at MYR 2,425 (MYR 2,443) and August settled at MYR 2,417 (MYR 2,432).

On The Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 735 (730), soya refined oil 645 (653), sunflower exp. ref. 565 (570), sunflower ref. 660 (660), rapeseed ref. oil 664 (664), rapeseed expeller ref. 634 (634) cottonseed ref. oil 630 (630) and palmolein 552 (550).

Published on June 05, 2014
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