A cautious trend prevailed in the edible oils market on Monday with the market looking ahead to the Budget. A bearish global market, too, had an impact. Groundnut oil dropped by Rs 5 for 10 kg. Rapeseed/mustard oil declined sharply by Rs 15 on higher arrivals of seeds in producing centres on Monday. Cotton and palmolein lowered by Re 1 each on higher selling pressure. Soyabeans dropped on a strong rupee, while rapeseed fell on an estimated rise in production.

Sources said that arrivals of new rapeseed – mustard seeds at national level increased to 1.70 lakh-1.90 lakh bags led to higher selling pressure at spot. Tracking weak sentiments, rapeseed oil dropped by Rs 15 in Mumbai.

During the day, merely 100-150 tonnes palmolein were traded in resale at Rs 513-515. Direct volumes with local refineries were absent.

Towards the end of the day, Liberty was quoting palmolein at Rs 525-527; super palmolein Rs 563 and sunflower refined oil Rs 800. Ruchi quoted palmolein at Rs 526; soyabean refined oil at Rs 685 and sunflower refined oil Rs 790.

Allana’s quoted super palmolein at Rs 560. In Saurashtra – Rajkot, groundnut oil ruled unchanged at Rs 1,945 (Rs 1,945) for telia tin and Rs 1,265 (Rs 1,265) for 10 kg.

In the National Commodities and Derivatives Exchange , soyabean refined oil’s March futures were lower by Re 1 to Rs 697.90 (Rs 698.90); April down by Rs 4 to Rs 690.80 (Rs 694.80) and May declined by Rs 7.20 to Rs 689.00 (Rs 696.20).

Malaysia’s crude palm oil’s March futures contracts settled lower to MYR 2,419 (MYR 2,478); April MYR 2,449 (MYR 2,509) and May dropped to MYR 2,470 (MYR 2,534) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,240 (1,245); soya refined oil 685 (685); sunflower exp. ref. 715 (710); sunflower ref. 790 (790); rapeseed ref. oil 755 (770); rapeseed expeller ref. 725 (740); cottonseed ref. oil 615 (616) and palmolein 515 (516).

Vikram Global Commodities, Chennai, quoted Rs 570/10 kg for Malaysian super palmolein.

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