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Trading in edible oils market came to almost a halt on Monday on sudden and heavy drop in futures markets which dragged physical market’s sentiment heavily. Even after cutting more than Rs 10-30 for 10 kg, there were no buyers. Malaysian palm oil futures dropped by more than 100 ringgits a tonne and bearish projection for Chicago soya market at the end of the day, kept moral bearish, said sources. In Mumbai, imported edible oils - palmolein and soya oil - extended losses further by Rs 18 and Rs 15 eac.h.
Cotton refined oil dropped by Rs 15, groundnut oil by Rs 30, rapeseed oil by Rs 5 and sunflower oil by Rs 10-15 for 10 kg.
He said indigenous edible oils were under pressure due to improved prospects of new crops after monsoon. Groundnut, cotton, sunflower and mustard oil declined on better prospects of kharif crops and better rabi sowing. Analysts said Malaysian palm oil futures tumbled on Monday to their lowest in two years, hurt by rising inventories and steep losses in the US soyabeans on expectations of higher output. Palm oil prices will fall further this year as slowing economic growth reins in demand for biofuel production, leading to higher stocks at top producers, Indonesia and Malaysia, industry officials concluded on Sunday at the Glob oil conference in Mumbai. Towards the end of the day Liberty was quoting palmolein at Rs 563-565; super palmolein Rs 611; soya oil Rs 728 and sunflower refined oil Rs 760. Ruchi quoted palmolein Rs 551, super palmolein Rs 601, soya refined oil Rs 715 and sunflower refined oil Rs 740. Allana’s rates were Rs 560 for palmolein and Rs 610 for super palmolein. Vaibhavi’s rates were Rs 560. On the National Commodities and Derivatives Exchange, soyabean refined oil futures dropped by more than 2.3 per cent and October futures closed lower at Rs 694.80 (Rs 711.40); November at 680.10 (Rs 696.60) and December at Rs 682.65 (Rs 699.35). Malaysia’s crude palm oil October contracts closed at MYR 2,512 (2,593), November was MYR 2,578 (2,693) and December at MYR 2,646 (2,763) a tonne.
The Bombay Commodity Exchange spot rates were (Rs/10 kg): Groundnut oil 1,080 (1,110), soya refined oil 718 (733), sunflower exp. ref. 700 (710), sunflower ref. 750 (765), rapeseed ref. oil 840 (845), rapeseed expeller ref. 810 (815) cotton ref. oil 710 (725) and palmolein 550 (568).
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