Indigenous edible oils continued to decline while the undertone in imported oils remained steady on Monday despite extended gain in Malaysian palm oil futures. The volume was thin and isolated due to slack demand. Morale was steady, said sources.
In Mumbai, groundnut oil dropped further by Rs 25 taking total loss of Rs 155 this month while in Rajkot it rebounded on improved demand. Soyabean and rapeseed oil declined by Rs 2 for 10 kg each. Cotton refined oil was up by Re 1. Sunflower oil and palmolein ruled steady.
Sources said that in local market during the day, about 150-200 tonnes of palmolein were resale traded at Rs 504-505 ex-JNPT. Stockists kept away from fresh buying and concentrated to fulfil old commitments. Selling pressure rose in producing centres on expectation of timely monsoon and good prospects for Kharif sowing.
Mustard seed arrivals were 2.50 lakh bags and the prices were Rs 2,970-3,575.
Towards the day’s close, Liberty was quoting palmolein at Rs 515-518, super palmolein Rs 550 and sunflower refined oil Rs 780. Ruchi was quoting palmolein at Rs 520 ex Patalganga and Rs 510 ex JNPT, soyabean refined oil Rs 665 and sunflower refined oil Rs 760. In Saurashtra – Rajkot, groundnut oil was up by Rs 20 to Rs 1,570 for telia tin and Rs 1,020 (Rs 1,010) for loose (10 kg).
Malaysian BMD crude palm oil’s June contracts settled higher at MYR 2,365 (MYR 2,340), July at MYR 2,386 (MYR 2,378) and August at MYR 2,384 (MYR 2,371) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,035 (1,060), soya refined oil 665 (667), sunflower exp. ref. 675 (675), sunflower ref. 760 (760), rapeseed ref. oil 698 (700), rapeseed expeller ref. 668 (670) cottonseed ref. oil 643 (642) and palmolein 507 (507).
Vikram Global Commodities, Chennai quoted Malaysian super palmolein at Rs 560 ex-Chennai.