Edible oils market witnessed a steady trend on Tuesday tracking calm and slightly bearish Malaysian markets ahead of palm oil conference. Activities in spot market were suspended due to sudden demise of a Broker member of Bombay Commodity Exchange (BCE).
Prices of most edible oils ruled steady. Local refineries and resellers kept away from quoting prices.
Malaysian palm oil futures edged down in thin volume on Tuesday after ruling atnear two-month lows, with traders focusing on a key industry conference to determine strategies.Higher arrivals of groundnuts and mustard seeds in producing centres have increased selling pressure on indigenous oils.
Daily arrivals of mustardseed reached nearly 3.80 lakh bags in which about 1.50 lakh bags arrived in Rajasthan, in Uttar Pradesh 60,000 bags, Madhya Pradesh 75,000 bags and Gujarat witnessed 30,000 bags. In Saurashtra – Rajkot, groundnut oil was Rs 1,850 (Rs 1,860) for
In Malaysia BMD crude palm oil’s March contracts settled lower at MYR 2,389 (MYR 2,405), April at MYR 2,400 (MYR 2,413) and May dropped to MYR 2,389 (MYR 2,405) a tonne.
In Mumbai, nominal spot rates (Rs/10 kg) were: groundnut oil 1,220, soya refined oil 672, sunflower exp. ref. 700, sunflower ref. 775, rapeseed ref. oil 715, rapeseed expeller ref. 685, cottonseed ref. oil 615 and palmolein was 514.
Vikram Global Commodities, Chennai has quoted Rs 565 ex-Chennai for Malaysian Super palmolein.