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Trading in edible oils market remained dull on Friday as the market tracked weak foreign and domestic futures. Investors reduced riskier bets amid fears over Greece's political stability. In Mumbai, heavy resale pressure cooled palmolein further by Rs 5/10 kg, taking the total loss to Rs 45 for 10 kg this month.
Rapeseed oil declined by Rs 3. Other edible oils remained unchanged except groundnut oil, which rose Rs 10 tracking firm reports from Saurashtra, the main producing centre.
Volumes in spot was need-based in isolated trading.
A broker said that Malaysian palm oil futures continued to fall, close to its 14-month low, on Friday and is headed for a weekly decline of 7 per cent. Lack of demand during the middle of the month and resellers' lower rate offerings kept buyers away from fresh inventory buying.
A strong dollar makes import parity costlier, forcing domestic refiners to hold the price while lower rate's advance buying by stockists led them to book profits in resale trade.
A price gap of about Rs 5 limited resale. A meagre 80-100 tonnes of palmolein were traded in resale in the range of Rs 616-618 for JNPT and Rs 622-625 for Shapur-Ghatkopar delivery. Demand for indigenous oils was lacking.
Towards the day end, Liberty quoted palmolein at Rs 627 and soya oil at Rs 700. Ruchi quoted palmolein at Rs 625-628 for May-June, ex-Patalganga, and Rs 620 for May Ex-JNPT; soya refined oil at Rs 695 and sunflower refined oil at Rs 730.
Resellers offered palmolein at Rs 622-625. In Rajkot/Saurashtra, with fresh buying support, groundnut oil shot up by Rs 35 to Rs 1,860 (Rs 1,825) for Telia tin and up by Rs 30 to Rs 1,220 (Rs 1190) for loose– 10 kg.
Malaysia's crude palm oil June contracts closed lower at MYR 3,108 (MYR 3,111), July at MYR 3,098 (MYR 3,105) and August at MYR 3,096 (MYR 3,095) a tonne.
The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,170 (1,160), soya refined oil 695 (695), sunflower exp. ref. 660 (660), sunflower ref. 720 (720), rapeseed ref. oil 797 (800), rapeseed expeller ref. 767 (770) cotton ref. oil 670 (670) and palmolein 621 (626).
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