Traders are waiting for further direction from Malaysian palm oil futures that edged lower on Monday after four straight sessions of gains. Traders remained cautious ahead of export data, though.
Sources said sentiment in local market cooled down after Ruchi offloaded palmolein at lower rates tracking bearish Malaysian CPO futures.
On Monday, the edible oil market witnessed a bearish trend, tracking sharp decline in Malaysian palm oil futures.
Groundnut oil declined by Rs 10 in line with a sharp drop in Saurashtra due to increased selling pressures.
Ruchi sold about 700-800 tonnes of palmolein at Rs 503 for ready and weekly delivery. Liberty’s rates were higher.
Arrivals of soyabean in Madhya Pradesh were 35,000 bags and mandi prices were Rs 4,000-4,025 and plant level Rs 4,050-4,075. Mustard seed arrivals were 4.50 lakh bags and prices were Rs 3,025-3,500.
Liberty quoted palmolein at Rs 510-513 for weekly delivery and Rs 513-516 for May. Super palmolein at Rs 545 and sunflower refined oil Rs 778.
Ruchi quoted palmolein at Rs 517 ex-Patalganga for May and soyabean refined oil Rs 678 for May. Allana quoted super palmolein at Rs 545. In Saurashtra –Rajkot, groundnut oil further declined by Rs 30 to Rs 1,800 (Rs 1,830) for telia tin and by Rs 20 to Rs 1,170 (Rs 1,190) for loose 10 kg.
On the National Commodities and Derivatives Exchange, soyabean refined oil June futures were Rs 693.35 (Rs 692.65), July Rs 678.00 (Rs 677.40) and August Rs 672.50 (Rs.671.45).
In Malaysia BMD, crude palm oil June futures contracts dropped to MYR 2,282 (MYR 2,335), July ended higher at MYR 2,273 (MYR 2,316) and August at MYR 2,264 (MYR 2,300) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,190 (1,200), soya refined oil 675 (675), sunflower exp. ref. 685 (680), sunflower ref. 770 (775), rapeseed ref. oil 692 (692), rapeseed expeller ref. 662 (662) cottonseed ref. oil 645 (647) and palmolein 505 (510).
Vikram Global Commodities,Chennai, has quoted for Malaysian super palmolein Rs.545 ex-Chennai; $907 CIF JNPT, May delivery; $908 CIF Haldia, May delivery.