Commodities

Spot edible oils fall on poor buying

Our Correspondent Mumbai | Updated on January 11, 2012 Published on January 11, 2012

groundnut

While edible oils dropped on the physical market by Rs 5-8 for 10 kg, they gained marginally on the futures market. Groundnut oil, soya refined oil, sunflower seed expeller refined oil and cottonseed refined oil fell by Rs 5 each, palmolein lost Rs 7 and rapeseed oil declined by Rs 8 on low demand. Volume was high for forward delivery on new demand, said market sources.

Malaysian crude palm oil futures were down on renewed weather concerns about soyabean plantings in South America. About 800-900 tonnes of palmolein and 40-50 tonnes of other edible oils were traded during the day. Local refiners reduced palmolein prices by Rs 5-10, encouraging stockists to continue new covering. Liberty sold about 250-300 tonnes of palmolein at Rs 597-599 for January, while Ruchi sold 350-400 tonnes of palmolein for February at Rs 590. In the ready market, resellers traded about 80-100 tonnes of palmolein at Rs 597-599. Re-packers and brand-makers covered small quantities of groundnut oil, sunflower seed refined oil and cotton oil at running rates.

Liberty quoted super palmolein at Rs 625. Allana offered palmolein at Rs 595 for delivery between February 5 and 15. In Rajkot, cotton oil was quoted at Rs 625-627 while groundnut oil remained unchanged at Rs 1,575 for a telia tin and at Rs 1,025 for loose (10 kg).

Malaysian crude palm oil's January contracts settled at MYR3,224 (MYR3,220) and February at MYR3,237 (MYR3,219) a tonne. Soya oil for January delivery was at Rs 723.50 (Rs 723) and for February at Rs 722 (Rs 720) on the National Board of Trade in Indore.

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil — 1,005 (1,010), soya refined oil — 700 (705), sunflower seed exp. ref. — 650 (655), sunflower seed ref. — 730 (730), rapeseed ref. oil — 820 (828), rapeseed expeller ref. — 790 (798), cottonseed ref. oil — 655 (660) and palmolein — 600 (607).

Published on January 11, 2012
This article is closed for comments.
Please Email the Editor