Clear weather and increased arrivals of kharif crop along with initial weakness in the futures market pulled down edible oils prices on Tuesday. Groundnut and sunflower oil declined by Rs 10 and Rs 5 each. Rapeseed and cotton oil dip by Rs 2 each.
Soyabean oil eased by Re 1, while palmolein rule unchanged as Malaysian palm oil futures bounced back from lower levels.
Malaysia has decided to keep its crude palm oil export tax unchanged for October at 4.5 per cent, a government circular showed on Tuesday. The rate has been left unchanged since March.
In Mumbai, local refineries kept rates for edible oils unchanged but offloaded a limited quantity of palmolein Rs 3 lower in line with reseller’s rates. During the day, about 250-300 tonnes of palmolein were sold by refineries and resellers. Oilseeds yield may be higher on favourable weather conditions, adding pressure in the domestic market. At the end of the day, Liberty quoted palmolein Rs 565, super palmolein at Rs 598 and super deluxe at Rs 618, soyabean refined oil at Rs 645 and sunflower refined oil at Rs 825. Ruchi quoted palmolein at Rs 568, soyabean refined oil at Rs 639 and sunflower refined oil at Rs 815. Allana quoted palmolein at Rs 568, super palmolein at Rs 615, soyabean refined oil at Rs 645 and sunflower refined oil at Rs 820. Resellers quoted Rs 560-561 for palmolein.
In Rajkot, groundnut oil declined by Rs 45 to Rs 1,330 for telia tin and loose (10 kgs) by Rs 10 to Rs 875. Malaysia crude palm oil October contracts settled higher at MYR 2,363 (MYR 2,360), November at MYR 2,358 (MYR 2,348) and December at MYR 2,355 (MYR 2,346).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were : groundnut oil 860 (870), soya refined oil 638 (639), sunflower expeller refined 730 (735), sunflower refined 810 (810), rapeseed refined oil 715 (717), rapeseed expeller refined 685 (687), cottonseed refined oil 658 (660) and palmolein 562 (562).
Vikram Global Commodities (P) Ltd quoted Rs 617 for 10 kg of Malaysia super palmolein in forward delivery.
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