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Imported edible oil palmolein and soyabean refined oil declined by ₹4 and ₹3 respectively each tracking bearish futures, while indigenous groundnut oil jumped by ₹20 for 10 kg in Mumbai, tracking a sharp rise in the Saurashtra market on higher demand ahead of Diwali, amid lower Groundnut production this year. Improved arrivals of cotton in producing areas pulled down cotton refined oil by ₹3. Sunflower and rapeseed oil rule unchanged. Volume remained thin on slack physical demand.
Malaysian palm oil declined on reports of lower exports demand and expectation of a rise in inventory stocks.
Sources said tracking sharp drop in overseas futures markets local refineries have reduced rates for palmolein and soya oil but response from buyers remained weak. Palmolein was sold below the ₹500 mark, the lowest since September 15. Liberty sold 150-200 tonnes of palmolein at ₹498-500, Ruchi sold 100-150 tonnes palmolein at ₹501 and resellers offloaded 100-150 tonnes of palmolein at ₹496-498. Indigenous oils were under pressure as arrivals of new Kharif oilseeds in the coming days is expected to rise. Soyabean arrivals in Madhya Pradesh and Maharashtra reached over 2.75-3.00 lakh bags.
At the end of the day, Liberty was quoting Palmolein at ₹498-500, Super Palmolein at ₹530 and Soyabean refined oil at ₹612.
Ruchi was quoting Palmolein at ₹501, Soyabean refined oil at ₹610 and Sunflower refined oil at ₹620.
Allana was quoting Palmolein at ₹510, Super Palmolein at ₹538, Soyabean refined oil at ₹610 and sunflower oil at ₹630.
In Saurashtra, Rajkot Groundnut oil Telia jumped to ₹1,305 (₹1,260) and Loose (10 kgs) was ₹830 (₹810).
Malaysia BMD crude palm oil’s Nov-14 settled lower at MYR 2,135 (MYR 2,153), Dec-14 dropped to MYR 2,121 (MYR 2,133) and Jan-15 declined to MYR 2,119(MYR 2,137).
On National Commodities and Derivatives Exchange, Soyabean refined oil Nov-14 futures was ₹579.20 (₹580.40), Dec-14 was ₹580.05 (₹583.40) and Jan-15 declined to ₹581.05 (₹585.45) at 4.30 pm.
On The Bombay Commodity Exchange, spot rates (₹/10 kg) were: groundnut oil 860 (840), soya refined oil 605 (608), sunflower exp. ref. 565 (565), sunflower ref. 625 (625), rapeseed ref. oil 715 (715), rapeseed expeller ref. 685 (685) cottonseed ref. oil 630 (633) and Palmolein 500 (504).
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