Edible oils market ruled weak on Tuesday on lack of technical and fundamentals factors to support the prices even at lower levels probably due to peak production season.
Cotton refined oil dropped further by Rs 7 taking total loss of Rs 45 for 10 .
Imported palmolein declined further by Rs 2. Other edible oils remain unchanged but morale was weak as demand was lacking and stockists preferred to stay away, said sources.
In absence of demand, volume remained subdued and isolated. Towards the day’s close, Liberty was quoting palmolein at Rs 490-492 ex-Ghatkopar and Rs 488-490 ex-Shapur, super palmolein at Rs 543 for Jan 15, soya refined oil at Rs 700 and sunflower refined oil at Rs 785. Ruchi quoted palmolein at Rs 488, soyabean refined oil at Rs 700, sunflower refined oil Rs 785 for Dec 20-31 and Rs 790 for January. Allana offered palmolein at Rs 488 and super palmolein at Rs 543.
Malaysia’s crude palm oil’s January contracts settled lower at MYR 2,187 (MYR 2,221), February MYR 2,291 (MYR 2,313) and March MYR 2,365 (MYR 2,377) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,260 (1,260), soya refined oil 695 (695), sunflower exp. ref. 720 (720), sunflower ref. 785 (785), rapeseed ref. oil 810 (810), rapeseed expeller ref. 780 (780) cottonseed ref. oil 625 (632) and palmolein 485 (487).