The edible oils market turned weak trend on Tuesday, tracking bearish futures markets and need-based physical demand. Groundnut oil dropped by Rs 25 for 10 kg on bearish reports from Saurashtra, where it declined by Rs 20-25 as sales increased on hopes of a timely monsoon. Imported palmolein and soyabean refined oil declined by Rs 2 each due to lack of demand. An observer said: “Malaysian palm oil futures fell on Tuesday, tracking weaker soyabean oil, although losses were contained by expectations that inventories would drop further in Malaysia. Soyabean fell for the first time in three sessions on profit-booking, pulling down both soyabean oil and competing palm oil.
During the day, about 150–200 tonnes of palmolein were traded in resale at Rs 507-508. Local refineries kept their rates unchanged. About 78,000- 80,000 soyabean bags arrived, including 35,000 bags in Madhya Pradesh. Prices were Rs 3,700- Rs 3,720 ex-mandi and Rs 3,810-Rs 3,820 for plant delivery. Mustard seed arrivals were 2.10 lakh bags and the prices were Rs 3,100 – Rs3,590. Malaysia crude palm oil July contracts settled lower at MYR 2,366 (MYR 2,390), August at MYR 2,375 (MYR 2,396) and September at MYR 2,376 (MYR 2,397) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,075 (1,100), soya refined oil 666 (668), sunflower exp. ref. 675 (675), sunflower ref. 765 (765), rapeseed ref. oil 695 (695), rapeseed expeller ref. 665 (665) cottonseed ref. oil 643 (643) and palmolein 508 (510). Vikram Global Commodities, Chennai quoted Malaysian super palmolein at Rs 568 ex-Chennai.