Edible oils continued to be bearish on Monday, tracking weak futures markets amid slack physical demand. Extended loss in Malaysian palm oil futures led local refineries to cut their rates by ₹5-7 for 10 kg.
On the Bombay Commodity Exchange, imported palmolein and soya refined oil declined by ₹3 and ₹5 each. Sunflower oil and cotton refined oil declined by ₹5 and ₹2 each. Groundnut oil ruled steady while rapeseed oil was up ₹1.
During the day about 900-1,000 tonnes of palmolein were sold at ₹570-573 by local refineries and by resellers. Vikram Global Commodities (P) Ltd, Chennai, quoted ₹610/10 kg for Malaysian super palmolein – June delivery. Liberty was quoting palmolein at ₹573, super palmolein ₹588 and soyabean refined oil ₹665. Ruchi was quoting palmolein at ₹573. Allana was quoting palmolein at ₹575/578 ex JNPT/Khapoli, soyabean refined oil ₹667 and sunflower refined oil ₹670. Resellers were offering palmolein at ₹570 ex JNPT.
In Saurashtra, groundnut oil Telia tin was steady at ₹1,115 and loose (10 kg) was ₹710 (₹710). Malaysia BMD crude palm oil’s June settled lower at MYR 2,520 (MYR 2,541) and July MYR 2,514 (MYR 2,525) and August MYR 2,509 (MYR 2,517).
BCE spot rates (₹/10 kg): groundnut oil 750 (750), soya refined oil 660 (665), sunflower exp. ref. 590 (595), sunflower ref. 665 (670), rapeseed ref. oil 681 (680), rapeseed expeller ref. 651 (650) cottonseed ref. oil 650 (652) and palmolein 572 (575).