Increased arrivals of soyabean in Madhya Pradesh and Maharashtra and groundnut and cotton in Gujarat, along with bearish trend in the futures market, kept edible oils prices under pressure. The volume remained subdued, tracking weak domestic currency making imports costly. Local refineries raised their rates for palmolein by Rs 6 for 10 kg.
Sources said that due to improved arrivals of indigenous oilseeds such as soyabean, groundnut and cotton in producing centres and extended loss in the futures market, stockists kept away from the market. In Mumbai, Liberty sold 250-300 tonnes of palmolein at Rs 557. Ruchi sold about 150-200 tonnes of palmolein at Rs 557 and 100-150 tonnes of soyabean refined oil at Rs 625. Rates were hiked by Rs 3-4, post lunch.
Towards the day’s close, Liberty was quoting palmolein at Rs 561, super palmolein Rs 591 and super deluxe Rs 611, soyabean refined oil Rs 635 and sunflower refined oil Rs 815. Ruchi quoted palmolein at Rs 560, soyabean refined oil Rs 625 and sunflower refined oil Rs 810. Allana was quoting palmolein at Rs 561, super palmolein Rs 610, soyabean refined oil Rs 635 and sunflower refined oil Rs 815.
In Rajkot, groundnut oil declined by Rs 10 to Rs 1,290 for
Malaysia BMD crude palm oil ’s October contracts settled lower at MYR 2,305 (MYR 2,322), November at MYR 2,300 (MYR 2,318) and December at MYR 2,300 (MYR 2,317).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 850 (860), soya refined oil 625 (625), sunflower exp. ref. 740 (740), sunflower ref. 805 (805), rapeseed ref. oil 705 (717), rapeseed expeller ref. 675 (687) cottonseed ref. oil 660 (655) and palmolein 558 (554).
Vikram Global Commodities (P) Ltd quoted Rs 630/10 kg - for Malaysia palm super deluxe -forward delivery.