In line with the declining Malaysian and Chicago markets, imported oils ? palmolein and soya refined oils ? in Mumbai collapsed on Thursday, with palmolein losing Rs 13, soya refined oil down by Rs 4 and sunflower oil by Rs 5 for 10 kg.
Groundnut oil and cotton oil ruled steady. Rapeseed oil bounced back Rs 6, after losing Rs 40 in the last nine days. Indore NBOT soya futures hit the lower circuit on short-selling pressure. In the ready market, sentiment was weak in the absence of demand.
Market sources said there was limited and need-based physical buying, and edible oil futures were sluggish. Volume was stagnant. Refineries sharply reduced selling rates for palmolein and soyabean oil, but the response was negligible. Needy retailers have concentrated on lower rate resale buying. Hardly 100-150 tonnes of palmolein was sold at Rs 575-568. Big traders sold at Rs 568. Given the weak demand and bearish trend, palmolein may go down to Rs 557-558 in the physical market. Stockists who bought palmolein in advance at higher prices in January-February are worried, sources added.
In Mumbai, Liberty was quoting Rs 572 for palmolein . Ruchi's rate for palmolein was Rs 572, soya refined oil Rs 620 and sunflower oil Rs 675. Allana's was quoting palmolein at Rs 580. In the Rajkot market, groundnut oil ruled steady at Rs 1,155 (Rs 1,155) for telia tin and Rs 745 (Rs 745) for loose 10 kg.
Mumbai commodity exchange spot rate (Rs/10 kg): Groundnut oil 750 (750), soya refined oil 608 (612), sunflower exp. ref. 650 (650), sunflower ref. 700 (705), rapeseed ref. oil 622 (616), rapeseed expeller ref. 592 (586), cotton ref. oil 605 (605) and palmolein was 571 (584).