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The sentiment in edible oils markets turned weak, tracking bearish futures markets. Malaysian palm oil futures dropped sharply on bearish data of slower palm oil exports and higher stocks. Local refineries have reduced their rates but buyers kept away.
Palmolein declined by Rs 3 for 10 kg on reselling pressure. Other edible oils remained unchanged. In the absence of demand, volumes remained thin. Moral was weak said sources.
Sources said tracking the overall bearish sentiments in futures and spot market traders kept away from fresh buying. Merely 80-100 tonnes of palmolein were resale traded. Local refineries reduced their rates for palm oil but stockists have already covered enough quantity. For indigenous edible oils, activities become isolated due to higher prices.
Towards the end of the day resellers were offering palmolein at Rs 498-500. Liberty was quoting at Rs 515-517 for January and Rs 525-527 for February; super palmolein Rs 565; soya refined oil Rs 688 and sunflower refined oil Rs 800.
Ruchi quoted palmolein at Rs 503 ex-JNPT; Rs 515 for Jan and Rs 523 for Feb 1-25; soyabean refined oil Rs 685 and sunflower refined oil Rs 785 for Jan.
Allana’s rates for palmolein were Rs 508 and super palmolein Rs 560.
In Saurashtra –Rajkot, groundnut oil was up by Rs 10 at Rs 1,970 (Rs 1,960) for telia tin and Rs 1,285 (Rs 1,275) for loose 10 kg.
On the National Commodities and Derivatives Exchange, soyabean refined oil’s February futures dropped by Rs 1.55 to Rs 697.00 (Rs 698.55); March by Rs 5.25 to Rs 680.60 (Rs 685.85) and April down by Rs 5.55 to Rs 675.75 (Rs 681.30).
Malaysia’s crude palm oil’s February contracts closed lower at MYR 2,339 (MYR 2,366), March at MYR2,387 (MYR2,412) and April MYR2,419 (MYR 2,442) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 1,275 (1,275); soya refined oil 685 (685); sunflower exp. ref. 720 (720); sunflower ref. 785 (790); rapeseed ref. oil 812 (812); rapeseed expeller ref. 782 (782); cottonseed ref. oil 615 (615) and palmolein 502 (505).
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