Groundnut oil, cotton refined oil and rapeseed oil declined further by Rs 10, Rs 3 and Rs 3 for 10 kg each on Wednesday on improved prospects of standing crops and selling. Weak Malaysian palm oil futures cooled palmolein by Re 1 in domestic markets. A trader said: “Improved prospects for standing kharif crops and positive outlook for rabi crops in producing areas led to selling of stocks under which g, cotton and mustard/rapeseed oils are most affected”.
Liberty sold about 250-300 tonnes of palmolein at Rs 600-601 and 50-100 tonnes super palmolein at Rs 640. Ruchi sold about 350-400 tonnes of palmolein at Rs 598 and 100-150 tonnes super palmolein at Rs 638. Resellers offloaded about 80-100 tonnes of palmolein at Rs 595-597.
Liberty quoted palmolein at Rs 600-601, super palmolein Rs 640, soya oil Rs 770 and sunflower ref oil Rs 790. Ruchi palmolein at Rs 598, super palmolein Rs 638, soya ref oil Rs 768 and sunflower ref oil Rs 785-788. Allana’s palmolein was Rs 600.
In Saurashtra – Rajkot, groundnut oil dropped further by Rs 15 to Rs 1,855;
Malaysia's crude palm oil Oct contracts closed lower at MYR 2,879 (2,893), Nov at MYR 2,930 (2,919) and Dec at MYR 2,968 (2,963) a tonne.
The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,190 (1,200), soya refined oil 765 (765), sunflower exp. ref. 730 (730), sunflower ref. 785 (785), rapeseed ref. oil 842 (845), rapeseed expeller ref. 812 (815) cotton ref. oil 750 (753) and palmolein 597 (598).