Edible oils prices ruled weak on Monday tracking bearish futures markets. Mumbai traders observed an one-day token bandh in support of call given by trade association call against the Local Body Tax. Malaysian palm oil futures extended last week’s loss further on Monday, hitting a four-month low, as volatility in commodities markets overall and losses in soyabean weighed.
Analyst said that palm oil futures faced pressure from sluggish export data that showed shipments from Malaysia were down nearly 5 per cent during April 1-20 compared with the same period a month ago. Sources said that in the local market, a meagre 80-100 tonnes of palmolein changed hands in isolated resale trade. Bearish foreign markets led local refineries to reduce rates for palmolein by Rs 2-3.
Due to bandh, wholesalers kept away from fresh buying. At the national level, mustard arrivals declined to 5.20 lakh bags and they were quoted at Rs 3,350-3,500 a quintal.
At the close of the day, Liberty quoted palmolein at Rs 509-511, super palmolein at Rs 543 and sunflower refined oil at Rs 780. Ruchi quoted palmolein at Rs 510 ex-Patalganga and Rs 506 ex-JNPT, soyabean refined oil Rs 668 and sunflower refined oil at Rs 760. Allana quoted super palmolein Rs 543.
In Saurashtra – Rajkot groundnut oil ruled unchanged at Rs 1,900 for telia tin and Rs 1,240 for loose (10 kg).
On Bursa Malaysia Derivatives Exchange, crude palm oil May contracts settled lower at MYR 2,245 (MYR 2,283), June at MYR 2,252 (MYR 2,294) and July at MYR 2255 (MYR 2,296) a tonne.
Nominal spot rates were (Rs/10 kg) : groundnut oil 1,210 (1,210), soya refined oil 670 (675), sunflower exp. ref. 680 (685), sunflower ref. 765 (770), rapeseed ref. oil 705 (706), rapeseed expeller ref. 675 (676) cottonseed ref. oil 645(645) and palmolein 506 (510).