Sentiments in the edible oils market were steady on Monday due to lower demand. The volume was need based. Domestic soya oil futures edge up by Rs 3-5 on speculative buying by bull operators.
In spot, palmolien and cotton refined oil were up by Rs 3 and Rs 2 each for 10 kg. All other oils remained unchanged.
Market witnessed cautious activities due to holiday mood of “Makar Sankanti – kite festival”.
Higher stocks and slowing exports from Malaysia and Indonesia weighed on investor sentiment. In the local market, cautious mood continued throughout the day and activities remained very thin and isolated. Merely 80-100 tonnes of palmolein were resale traded at Rs 498 ex-JNPT. Ruchi sold about 250-300 tonnes of soyabean refined oil Rs 690.
In Saurashtra – Rajkot, groundnut oil was Rs 1,950 (Rs 1,955) for telia tin and Rs 1,275 (Rs 1,275) for loose (10 kg). Towards the end of the day Liberty was quoting palmolein at Rs 514-516 for Jan and Rs 522-524 for February. Super palmolein Rs 562, soya refined oil Rs 697 and sunflower refined oil Rs 790. Ruchi quoted palmolein at Rs 512 for Jan and Rs 522 for Feb 1-25, soyabean refined oil at Rs 690 till Feb 10. and sunflower refined oil Rs 785 up to Feb 10. Allana’s rates for palmolein was Rs 508 and super palmolein Rs 560. Resellers were offering palmolein at Rs 498 ex JNPT.
On the National Commodities and Derivatives Exchange, soyabean refined oil’s February futures was up Rs 706.55 (Rs700.90), March was Rs 685.90 (Rs 682.30) and April was Rs 678.00 (Rs 674.95).
Malaysia’s crude palm oil’s February contracts settled at MYR 2,342 (MYR 2,333), March at MYR 2,370 (MYR 2,368) and April drop to MYR 2,393 (MYR 2,396) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,265 (1,265); soya refined oil 690 (690); sunflower exp. ref. 710 (710); sunflower ref. 785 (785); rapeseed ref. oil 810 (810); rapeseed expeller ref. 780 (780); cottonseed ref. oil 620 (618) and palmolein 500 (497).