Palmolein and soya oil lost Rs 4 and Re 1 for 10 kg each on Friday, tracking a weaker Malaysian market. Rapeseed oil declined by Rs 3 on report that arrivals of seeds had risen.
Groundnut oil and cotton oil were up by Rs 5 and Re 1 each on concern about insufficient rain in producing areas. Sunflower oil ruled steady. In Saurashtra, groundnut oil decline Rs 10-15. Crude palm oil (CPO) futures fell on Bursa Malaysia Derivatives (BMD) as investors booked profits after the US Department of Agriculture released lower crop data.
Stockists avoided new buying as local demand remained need-based, wholesalers in Mumbai said. They have covered little quantity for forward. Absence of rain has increased concerns about crops of indigenous oils.
In the domestic market, 550-600 tonnes of palmolein was traded at Rs 529-531, including about 400 tonnes traded directly with a refinery for delivery in July . Liberty quoted palmolein at Rs 535. Ruchi's rate for palmolein was Rs 531, for soya refined oil Rs 623 and for sunflower oil Rs 681. Allana's palmolein was at Rs 533. In Rajkot, groundnut oil declined by Rs 10-15 to Rs 1,410 for a
Malaysia's BMD CPO August contract closed at MYR3,052 (MYR3,085), September at MYR3,035 (MYR3,072) and October at MYR3,034 (MYR3,070) a tonne. The July contract for soya oil slid to Rs 633.50 (Rs 635) on National Board of Trade in Indore and the August contract dropped to Rs 634 (Rs 637).
Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 940 (935), soya refined oil 627 (628), sunflower exp. ref. 645 (645), sunflower ref. 685 (690), rapeseed ref. oil 660 (663), rapeseed expeller ref. 630 (633), cotton ref. oil 639 (638) and palmolein 534 (538).