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Edible oils prices declined on Thursday as panic selling persisted in spot taking cues from weak futures markets. Groundnut and cotton refined oil dropped by Rs 20 for 10 kg on bearish reports from main producing centres.
Imported palmolein lost by Rs 7; soyabean refined oil and sunflower oil extended losses further by Rs 15 and Rs 10 each. Rapeseed oil ruled steady due to lean season. Cotton refined oil and groundnut oils made loss of Rs 90 and Rs 210 respectively this month.
In Saurashtra – Rajkot Groundnut oil Telia tin was down by Rs 10 to 1,540 (Rs 1,550) while loose 10 kg was Rs 1,000 (Rs 1,000) for loose 10 kg. Volume was negligible. Activities in palmolein were missing.
Leading broker said in absence of fresh demand, weak futures market weighed on sentiment. Local refineries rates were still higher despite reduction in the beginning and their offering for future delivery kept ready trade at bay. Stockists also avoided fresh buying and preferred to take the deliveries of old commitments.
During the day, Ruchi sold about 80-100 tonnes of soyabean refined oil at Rs 696 and sunflower refined oil 40-50 tonnes at Rs 730. Except that, there were no activities. Oilseeds counter is witnessing a bearish trend in view of hopes of better-than-expected soyabean crop in the US and better prospects in India where arrival of new crops is slowly increasing and pick up in next month.
Towards the end of the day, Liberty was quoting palmolein at Rs 548 and super palmolein Rs 610, soya oil Rs 705 and sunflower refined oil Rs 750.
Ruchi quoted palmolein at Rs 545, super palmolein Rs 605, soya refined oil Rs 701 and sunflower refined oil Rs 735.
Allana’s rates were Rs 544 for palmolein and Rs 602 for super palmolein. Vaibhavi’s rate was Rs 544.
Malaysia’s crude palm oil October contracts closed lower at MYR 2,470 (2,480), November MYR 2,545 (2,545) and December at MYR 2,607 (2,616) a tonne.
The Bombay Commodity Exchange spot rates were (Rs/10 kg): Soya refined oil 700 (715), sunflower exp. ref. 690 (700), sunflower ref. 738 (745), rapeseed ref. oil 830 (830), rapeseed expeller ref. 800 (800) cotton ref. oil 675 (695) and palmolein 547 (554).
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