Edible oils prices slipped on Friday tracking the sharp decline in global markets. The drop was despite positive palm, soyabean industry data.

In Mumbai, rapeseed oil dropped by Rs 5for 10 kg and palmolein by Rs 4 on higher sales. Other edible oils ruled steady but as there was no buyer in the market, activities were at stand. A leading broker said that despite positive industry data that the sentiment was weak due to bearish closing of Malaysian palm oil and weak projection for Chicago soya oil futures. The bearishness kept speculators and stockists away. Domestic soya oil futures lost more than Rs.10 during the day. In physical market, due to lack of demand there were no activities. New summer crop arrivals in producing areas weighed on indigenous oils. Continuous rain in Gondal, Jasdan, Khambha and Kotda Sangani areas and in some area of Maharashtra and Madhya Pradesh resulted in selling pressure in indigenous oils.

Towards the day end, Liberty quoted palmolein at Rs 658-661. Ruchi quoted palmolein at Rs 656, soya refined oil at Rs 711 and sunflower refined oil at Rs 740. Allana's rate for palmolein was Rs.660. Resellers offered palmolein at Rs 649-650. In Rajkot - Saurashtra groundnut oil dropped sharply by Rs 40 to Rs 1,800 (Rs 1,840) for Telia tin and by Rs 30 to Rs 1,170 (Rs 1200) for 10 kg loose.

Malaysia's crude palm oil June contracts closed lower at MYR 3,283 (MYR 3,360), July at MYR 3,275 (MYR 3,349) and August at MYR 3,265 (MYR 3,340) a tonne. The Bombay Commodity Exchange spot rates were (Rs/10 kg) : groundnut oil 1,185 (1,185), soya refined oil 710 (710), sunflower exp. ref. 670 (665), sunflower ref. 740 (740), rapeseed ref. oil 805 (810), rapeseed expeller ref. 775 (780) cotton ref. oil 692 (692) and palmolein 652 (656).

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