Imported palmolein and soya refined oil declined sharply here on Wednesday tracking bearish Malaysian and Chicago markets.
Palmolein lost Rs 5 while soya refined oil dropped by Rs 15 for 10 kg each.
Lack of demand dragged down cotton oil by Rs 4 and rapeseed oil by Rs 3. Groundnut and sunflower oils ruled steady.
Local refiners reduced prices in line with bearish foreign markets but found no buyers. In Saurashtra and Rajkot, groundnut oil ruled steady.
A 15-kg telia tin was Rs 2,030 (Rs 2,030) and loose Rs 1,325 (Rs 1,325) for 10 kg in Rajkot. Groundnuts arrival in Saurashtra declined to 1,8000-20,000 bags daily and to 5,000-7,000 bags in Rajasthan.
Liberty quoted palmolein at Rs 478-480, super palmolein at Rs 535, soya refined oil Rs 682, and sunflower refined oil at Rs 780.
Ruchi quoted palmolein at Rs 475, soyabean refined oil at Rs 675-680, and sunflower refined oil at Rs 775.
On the National Commodities and Derivatives Exchange, soyabean refined oil’s January contracts declined to Rs 701.80 (Rs 705.25), February to Rs 692.30 (Rs 694.05) and March to Rs 689 (Rs 689.70).
Malaysia’s crude palm oil’s January contracts dropped to MYR2,195 (MYR2,197), February to MYR2,272 (MYR2,277) and March to MYR2,335 (MYR2,342) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,275 (1,275), soya refined oil 675 (690), sunflower exp. ref. 710 (710), sunflower ref. 780 (780), rapeseed ref. oil 807 (810), rapeseed expeller ref. 777 (780) cottonseed ref. oil 620 (624) and palmolein 472 (477).
Vikram Global Commodities quoted Rs 552 for 10 kg for Malaysian palm oil (excluding Chennai).