Imported edible oils such as palmolein and soyabean oil ruled steady in physical market despite weak futures on Monday.
Malaysian palm oil futures closed lower as traders turned cautious after a radical bailout proposal for Cyprus triggering a broad-based decline in commodity markets.
Domestic soyabean oil futures closed lower by Rs 2.75-3.85.
In spot market, groundnut oil dropped by Rs 5 for 10 kg in line with bearish Saurashtra markets.
Rapeseed oil and cotton refined oil inched up by Rs 2 and Rs 3 each being a cheaper alternative. Sunflower oil was unchanged.
The volume was isolated due to year ending. Morale was cautious, said a broker.
In local market, activities remained dull on slack demand. There was a talk of some needy resellers selling palmolein at Rs 500-level in isolated trade.
Indigenous edible oils were also under pressure from higher arrivals of kharif crops.
Mustard seeds arrivals were 5.10 lakh bags in the country and prices were Rs 3,150-3,400.
Towards the day’s close, Liberty was quoting palmolein at Rs 511 ex-Shahpur and Rs 508 ex-JNPT. Super palmolein was Rs 550 and sunflower refined oil Rs 780.
Ruchi was quoting palmolein at Rs 510 Patalganga and Rs 507 ex-JNPT, soyabean refined oil was Rs 641 for March and Rs 645 for April 1-10. Sunflower refined oil was Rs 771. Allana quoted super palmolein at Rs 550.
In Saurashtra-Rajkot, groundnut oil declined Rs 5 to Rs 1,860 for telia tin and by Rs 10 to Rs 1,210 for loose (10 kg).
Malaysian BMD crude palm oil ’s April futures settled lower at MYR 2,386 (MYR 2,406), May at MYR 2,386 (MYR 2,414) and June at MYR 2,385 (MYR 2,417) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,210 (1,215), soya refined oil 640 (640), sunflower exp. ref. 685 (685), sunflower ref. 770 (770), rapeseed ref. oil 697 (695), rapeseed expeller ref. 667 (665) cottonseed ref. oil 608 (605) and palmolein 505 (505).
Vikram Global Commodities, Chennai, quoted Malaysian super palmolein at Rs 555 ex-Chennai for April delivery.