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The edible oil market showed a mixed trend in prices and volumes were almost nil on Monday. Imported oils, palmolein and soya oil declined by Re 1 and Rs 2 for 10 kg.
At the Malaysian market, palm oil was unable to sustain the initial rally and expectations of further decline weighed on the trade sentiment. Indigenous oils, groundnut oil rose sharply by Rs 10 on firm reports from producing centres in Gujarat. Rapeseed oil also rose by Rs 5 on less-than-expected arrivals at producing centres. Sunflower oil ruled unchanged.
Crude palm oil futures in Malaysia initially extended gains on speculative buying interest and the sharp rally in Chicago soya, despite a bearish key crop report by the USDA. Market sources said, according to reports, the pace of Argentina's soya harvest picked up over the last week, with conditions mixed, but surprisingly well in many areas, the Buenos Aires Cereals Exchange said in its weekly crop report. To date, over 14 per cent of the soya crop has been harvested, with final production estimated at 48.8 million tonnes, according to the exchange. In Saurashtra, Gujarat, arrivals of new groundnut increased but half of them are of export quality HPS seeds, leaving a small quantity for oil millers. So, on shortage of seeds most of the mills have stopped crushing. Brand makers' fresh buying for the approaching marriage season pushed up groundnut oil sharply in Saurashtra recently. At Rajkot, groundnut oil prices were steady at Rs 1,275 for telia tin and Rs 830 for 10 kg “loose.”
In Mumbai market, in absence of demand, there was literally a zero trade in spot. Most of the stockists have preferred to empty/unload old commitments and keep away from fresh buying. Resalers were quoting Palmolein at Rs 562.
Malaysia's CPO April contracts closed at MYR 3,460 (3,434), May at 3,430 (3,409) and June closed at 3,417 (3399) MYR a tonne.
Mumbai commodity exchange spot rate (Rs/10 kg):
Groundnut oil 825 (815), soya refined oil 611 (612), sunflower exp. ref. 630 (630), sunflower ref. 675 (675), rapeseed ref. oil 615 (610), rapeseed expeller ref. 585 (580), cotton ref. oil 603 (604) and palmolein was 566 (568).
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