Edible oil prices continued their bearish trend despite a bounce back in futures on Thursday. Imported edible oils such as palmolein and soyabean refined oil dropped by Rs 3 and Rs 6 each for 10 kg. Sunflower and rapeseed oil extended loss further by Rs 10 each while groundnut oil and cotton refined oil ruled steady.
A Mumbai-based broker said less than expected arrival of new crops in producing areas pushed up groundnut and cotton oil prices at Rajkot.
Towards the day’s close, Liberty was quoting palmolein at Rs 497, super palmolein Rs 555, soya oil Rs 645. Ruchi quoted palmolein at Rs 493, super palmolein Rs 553, soya refined oil Rs 641 and sunflower refined oil Rs 691.
Kamani’s rates were palmolein Rs 498, super palmolein Rs 571 and sunflower refined oil at Rs 691.
Allana’s rates were Rs 505 for palmolein and Rs 555 for super palmolein.
Malaysia's crude palm oil November contracts closed at MYR 2,275 (2,269), December at MYR 2,352 (2,351) and January MYR 2,438(2,339) a tonne. In Saurashtra-Rajkot, groundnut oil Telia tin improved by Rs 25 to 1,475 and loose 10 kg up by Rs 15 to Rs 950 .
The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,000 (1,000), soya refined oil 645 (651), sunflower exp. ref. 640 (650), sunflower ref. 695 (700), rapeseed ref. oil 790 (800), rapeseed expeller ref. 760 (770) cotton ref. oil 620 (620) and palmolein 500 (503).