Edible oils are likely to drop at retail levels after importers sold palmolein at lower rates for delivery later in May.
Importers have sold 800-900 tonnes of palmolein at Rs 496-498 for 10 kg. This is against sale of 150-200 tonnes at Rs 510-511 for near-term delivery. Cotton refined oil increased by Rs 2 and rapeseed oil dropped by Re 1.
Arrivals of soyabean in producing area Madhya Pradesh were 38,000 bags and its mandi prices were Rs 4,000-4,050 and plant level Rs 4,050-4,075. Mustard seed arrivals were 4.40 lakh bags at national level and quoted Rs 3,050-3,500.
Liberty quoted palmolein at Rs 510-513 for ready-weekly and Rs 513-516 for May. Super palmolein Rs 545 and sunflower refined oil Rs 778.
Ruchi quoted palmolein at Rs 517 ex-Patalganga and Rs 505 ex-JNPT for May and soyabean refined oil Rs 678 for May. Allana quoted super palmolein Rs 545. In Saurashtra – Rajkot, groundnut oil rose by Rs 5-10 to Rs 1,810 (Rs 1,800) for telia tin and by Rs 5 to Rs 1,175 (Rs 1,170) for loose (10 kg).
On the National Commodities and Derivatives Exchange, soyabean refined oil June futures declined to Rs 693.45 (Rs 693.90), July was Rs 679.00 (Rs 677.60) and August was Rs 674.50 (Rs 674.55).
In Malaysia BMD, crude palm oil June futures contracts closed at MYR 2,283 (MYR 2,282), July ended higher at MYR 2,286 (MYR 2,273) and August at MYR 2,284 (MYR 2,264) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,190 (1,190), soya refined oil 678 (675), sunflower exp. ref. 685 (685), sunflower ref. 770 (770), rapeseed ref. oil 691 (692), rapeseed expeller ref. 661 (662) cottonseed ref. oil 647 (645) and palmolein 505 (505).
Vikram Global Commodities, Chennai, has quoted Malaysian super palmolein for Rs.545 ex-Chennai; $907 CIF JNPT, May delivery; $908 CIF Haldia, May delivery.