Barring rapeseed oil that rose by Rs 7 for 10 kg on firm reports from North India, edible oils remained bearish on Wednesday despite a sudden spurt in Malaysian palm oil futures.

Palmolein declined by Rs 4 and soya refined oil lost Rs 3. Groundnut oil shaved off Rs 20 and cotton refined oil dropped by Rs 5 on increased selling on higher arrivals in producing centres. Sunflower oil remained unchanged. Traders are betting on forward purchases as supplies remain tight in the ready market, said market sources here.

Ruchi sold 500-600 tonnes of palmolein at Rs 522-523. Allana sold 150-200 tonnes at Rs 521 for delivery between November 1 and 10. Resellers sold 140-150 tonnes at Rs 525-526. Little quantities of groundnut oil and cotton oil were traded with producers from other states. Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) jumped amid short-covering and bargain hunting on hopes that higher exports will bring down the level of stocks.

Liberty offered palmolein at Rs 531-532, soya oil at Rs 632 and super palmolein at Rs 566. Ruchi quoted soya refined oil at Rs 627. In Saurashtra, groundnut arrivals have reached a lakh bags a day, pulling down a telia tin by Rs 5 at Rs 1,250 and loose (10 kg) by Rs 5 at Rs 800. Cotton (wash) quoted at Rs 612-613. Malaysia's BMD CPO's November contracts settled at MYR2,880 (MYR2,819), December at MYR2,886 (MYR2,827) and January at MYR2,892 (MYR2,835) a tonne. Soya oil for November delivery was at Rs 612.80 (Rs 606.50) and at Rs 616 (Rs 610) for Decmeber delivery on National Board of Trade in Indore.

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 840 (860), soya refined oil 625 (628), sunflower exp. ref. 655 (655), sunflower ref. 725 (725), rapeseed ref. oil 695 (688), rapeseed expeller ref. 665 (658), cotton ref. oil 645 (650) and palmolein 526 (530).

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