Edible oil prices declined on Monday. Markets opened weak tracking weak Malaysian palm oil futures and lack of demand in physical market. Imported palmolein declined by Rs 5 in line with reduction in price by local refineries.
Groundnut, cotton and rapeseed/mustard oil dropped by Rs 10, Rs 6 and Rs 5 each for 10 kg on bearish reports from producing centres. Soyabean and sunflower refined oils were steady on subdued volumes.
In Saurashtra – Rajkot, higher arrival of groundnut pulled down groundnut oil
According to a Mumbai-based broker, volume in spot market remained subdued as stockists kept away from fresh buying despite Navaratri festival. Merely 100-150 tonnes of palmolein were traded during the day.
Towards the day’s close, Liberty was quoting palmolein at Rs 517-520 and super palmolein Rs 578 for delivery up to Nov 15, soya refined oil Rs 658. Ruchi quoted palmolein at Rs 515 for Oct 20-Nov 15 and Rs 510, super palmolein Rs 576 for Oct 20-Nov 15 and Rs 571 for Nov 15-30. Soya refined oil was Rs 655 for Oct – Nov and sunflower refined oil Rs 700. Allana’s rates were Rs 515 for palmolein and Rs 575 for super palmolein.
Malaysia's crude palm oil November futures settled lower at MYR 2,407 (2,480), December closed lower at MYR 2,433 (2,500) and January at MYR 2,470 (2,542) a tonne.
The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,130 (1,140), soya refined oil 655 (655), sunflower exp. ref. 645 (645), sunflower ref. 700 (700), rapeseed ref. oil 830 (835), rapeseed expeller ref. 800 (805) cotton ref. oil 665 (671) and palmolein 515 (520).