Edible oils prices dropped on Wednesday tracking bearish futures markets.
Imported palmolein and soyabean refined oil declined by Rs 2 and Rs 7 each. Groundnut and sunflower oils dropped by Rs 5 and Rs 10 each. Cotton and rapeseed oils weakened by Rs 3 each.
Increased selling pressure on expectation of start of new arrivals of rabi crop soon and weak futures cooled down overall moral said a leading broker.
Sources said local refineries have lowered palmolein and soya oil rates tracking bearish foreign markets and slack demand.
During the day about 1,000-1,100 tonnes of palmolein changed hands.
Ruchi sold about 800-900 tonnes of palmolein at Rs 510 for delivery up to February end while 150-200 tonnes were traded in resale at Rs 507-508.
Towards the end of the day, Liberty was quoting palmolein at Rs 515, super palmolein Rs 561 and sunflower refined oil Rs 800.
Ruchi quoted palmolein at Rs 510, soyabean refined oil at Rs 711 and sunflower refined oil Rs 790.
Allana’s rate for palmolein was Rs 512 and super palmolein Rs 560.
In Saurashtra – Rajkot, groundnut oil dropped to Rs 1,920 (Rs 1,925) for telia tin and Rs 1,250 (Rs 1,260) for loose 10 kg.
On the National Commodities and Derivatives Exchange, soyabean refined oil’s March futures dropped to Rs 707.85 (Rs 715.95) and April was down to Rs 703.30 (Rs 706.55).
Malaysia’s crude palm oil’s March contracts settled at MYR 2,526 (MYR 2,528), April at MYR 2,542 (MYR 2,548) and May at MYR 2563 (MYR 2564) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,255 (1,260), soya refined oil 711(718), sunflower exp. ref. 720 (720), sunflower ref. 790 (800), rapeseed ref. oil 800 (803), rapeseed expeller ref. 770 (773) cottonseed ref. oil 615 (618) and palmolein 510 (512).
Vikram Global Commodities, Chennai, quoted Rs 568 for 10kg Malaysian super palmolein.