Edible oils market witnessed a cautious trend on Thursday. Weak futures markets, lack of physical demand and an eye on the Budget next week kept activities thin and isolated. Weak Indian currency resulted in imported palmolein and soyabean refined oil prices rising by Re 1 each.
Groundnut oil increased by Rs 5 for 10 kg. Higher arrivals of rapeseed – mustard (about 1.20 lakh bags) in producing centres cooled rapeseed oil by Rs 5 and cotton oil by Rs 3. Sunflower oil was unchanged. Gains were capped on concerns that dismal export data could signal slowing demand.
A Mumbai-based broker Shailesh Kataria said “weakness in Malaysian palm oil, Chicago soya oil futures and strong US dollar led domestic players to stay away from fresh bet.
Sources said that due to lack of demand merely 150-200 tonnes of palmolein were traded in resale at Rs 515-517/10 kg in Mumbai. Local refineries kept prices unchanged.
Liberty was quoting palmolein at Rs 523-525 till March; super palmolein at Rs 563 and sunflower refined oil at Rs 800. Ruchi quoted palmolein at Rs 525; soyabean refined oil at Rs 700 and sunflower refined oil at Rs 785.
Allana’s quoted super palmolein at Rs 560.
In Saurashtra –Rajkot, groundnut oil was unchanged at Rs 1,940 (Rs 1,940) for telia tin and Rs 1,260 (Rs 1,260) for 10 kg.
On the National Commodities and Derivatives Exchange, soyabean refined oil’s March futures closed lower by Rs 6.65 to Rs 702.00 (Rs 708.65); April dropped to Rs 695.90 (Rs 701.80) and May was Rs 697.35 (Rs.702.55).
Malaysia’s crude palm oil’s March futures contracts settled lower at MYR 2,481 (MYR 2,509); April at MYR 2,513 (MYR 2,540) and May at MYR 2,536 (MYR 2,565) a tonne. Chicago soya oil projection was bearish (-50 point) late evening.
The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,240 (1,235); soya refined oil 700 (699); sunflower exp. ref. 720 (715); sunflower ref. 790 (790); rapeseed ref. oil 780 (785); rapeseed expeller ref. 750 (755); cottonseed ref. oil 619 (622) and palmolein 518 (517).