Weak demand and bearish global cues pulled down physical edible oils prices in domestic market. Higher arrivals of kharif crop, especially mustard seeds, in producing centres and bearish sentiment in futures markets weighed on physical markets, said traders.
According to Bombay Commodity Exchange barring groundnut oil, which rose by Rs 10 tracking jump in Saurashtra markets, all other edible oils declined in the range of Rs 2-5 for 10 kg. Selling by refineries at lower rates pulled down palmolein by Rs 2 and soyabean refined oil by Rs 5. Sunflower, cotton and rapeseed oil also made losses.
Sources said, “slack local demand keeps stockists away from fresh forward buying. Only needy wholesalers covered 750-800 tonnes of palmolein for delivery up to March directly from the refineries at Rs 505 ex-JNPT. Volumes in other edible oils remained thin.”
At producing level, mustard seeds arrivals were 4.40 lakh bags and soyabean arrivals were 1.60 lakh bags nationally. Mustard seeds prices were Rs 3,525-3,625 while that of soyabeans were Rs 3,350-3,450 at mandi level and Rs 3,525-3,550 at plant level, said sources.
Towards the day’s close, Liberty was quoting palmolein Rs 515-516 ex Shahpur – Mumbai and Rs 512 ex-JNPT up to April 15. Super palmolein Rs 553 for March – April, Sunflower refined oil Rs 785. Ruchi was quoting palmolein at Rs 515 to April 15 and Rs 512 for March 15-31 ex JNPT, soyabean refined oil Rs 650 and sunflower refined oil Rs 775. Allana quoted super palmolein at Rs 550. In Saurashtra – Rajkot, on the back of brand makers’ fresh buying, groundnut oil increased by Rs 30 to Rs 1,880 for telia tin and by Rs 25 to Rs 1,225 for loose (10 kg).
Malaysian BMD crude palm oil ’s April futures settled at MYR 2,386 (MYR 2,404), May at MYR 2,397 (MYR 2,411) and June at MYR 2,401 (MYR 2,414) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,220 (1,210), soya refined oil 650 (655), sunflower exp. ref. 700 (705), sunflower ref. 775 (780), rapeseed ref. oil 708 (711), rapeseed expeller ref. 678 (681) cottonseed ref. oil 615 (616) and palmolein 510 (512).
Vikram Global has quoted Rs 547 ex-Chennai and Rs 543 for April delivery. Also quoted $933 CIF JNPT and $946 CIF Kandla in container (Flexibag).