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Imported palmolein and soya refined oil dropped by Rs 4 and Rs 7 for 10 kg each along with sunflower oil which declined by Rs 5 on Tuesday on poor local demand and extended loss in Malaysian palm oil futures.
Monsoon deficit and concern over new crop pushed up groundnut oil by Rs 10 and mustard oil by Rs 20 for 10 kg. Cotton refined oil ruled steady. An analyst said Malaysian BMD crude palm oil futures dropped to the lowest in five weeks on Tuesday, extending losses as forecast for rains in the U.S. Midwest improved production outlooks for soyabeans. Malaysian CPO August futures closed below 2,900 ringgits-mark, the lowest since June 19.
A Mumbai-based wholesaler said tracking weak futures and poor demand despite festivals activities remain limited during the day. Traders preferred to fulfil old commitments. Merely 80-100 tonnes of palmolein were resale traded at Rs 620-621.
Industry sources said key oilseeds growing States – Maharashtra, Madhya Pradesh, Rajasthan and Gujarat – have so far received lower rainfall than average since the beginning of the monsoon . Indian farmers have cultivated summer-sown oilseeds on 108.84 lakh hectares as of July 20 down from 121.42 lakh hectares during the same time a year ago, Agriculture Ministry data showed. Liberty was quoting palmolein at Rs 633-634 for August and Rs 639-640 for September, super palmolein at Rs 683, soya oil at Rs 770 and sunflower refined oil at Rs 770. Ruchi quoted palmolein at Rs 625, JNPT at Rs 628-632, Patalganga for August. Soya refined oil was at Rs 755-759 for August. Sunflower refined oil was at Rs 761-765 for August. Allana’s rate for palmolein was at Rs 637 and Bunge’s was at Rs 630. Vaibhavi’s quoted palmolein at Rs 635 for September 1-10.
In Saurashtra-Rajkot, absence of rain pushed up groundnut oil by Rs 30 to Rs 1,870 for Telia tin and by Rs 20 to Rs 1,220 (Rs 1,200) for loose - 10kg. On the National Board of Trade – Indore, soya refined oil August futures dropped to Rs 790 (Rs 800) while September was at Rs 800 (Rs 810).
Malaysia's crude palm oil August contracts settled lower at MYR 2,898 (MYR 2,962), September at MYR 2,912 (MRY 2,976) and October at MYR 2,926 (MYR 2,990) a tonne.
The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,190 (1,180), soya refined oil 755 (762), sunflower exp. ref. 705 (710), sunflower ref. 765 (765), rapeseed ref. oil 905 (885), rapeseed expeller ref. 875 (855) cotton ref. oil 755 (755) and palmolein 622 (626).
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