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Panic selling in global futures markets pulled down edible oils in the physical markets on Tuesday.
Except rapeseed oil, all edible oils declined by Rs 3-5 for 10 kg. Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) touched a new low low for the year, weighed down by broad commodity selling and macroeconomic concerns. Stock buying was absent even though the festival season begins from Saturday. Only 100-150 tonnes of palmolein were traded at Rs 546-547 on need-based demand.Local refiners reduced prices of palmolein by Rs 4 for 10 kg and soya oil by Rs 6 for 10 kg. Demand for indigenous oils was weak. Liberty offered palmolein at Rs 552, soya oil at Rs 634 and sunflower oil at Rs 695. Ruchi quoted palmolein at Rs 550, soya refined oil at Rs 631 and sunflower oil at Rs 695. Allana offered palmolein at Rs 552. In Rajkot and Saurashtra, groundnut oil lost Rs 10 at Rs 1,455 for a telia tin declined by Rs 10 at Rs 945 for loose (10 kg) in absence of demand.
Malaysia's BMD CPO September closed at MYR2,970 (MYR3,036), October MYR2,920 (MYR2,994) and November MYR2,895 (MYR2,980) a tonne. August contract of soya oil closed lower at Rs 655 (Rs 658) and September dropped to Rs 645 (Rs 646.70).
Mumbai Commodity Exchange spot prices (Rs/10 kg): Groundnut oil 965 (970), soya refined oil 630 (634), sunflower exp. ref. 650 (655), sunflower ref. 695 (700), rapeseed ref. oil 685 (684), rapeseed expeller ref. 655 (654), cotton ref. oil 660 (663) and palmolein 550 (554).
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