Imported palmolein and soyabean oil dropped by Rs 3 for 10 kg each on Tuesday tracking weak overseas markets. Malaysian palm oil futures extended their loss for the fourth consecutive day on expectation of higher stocks and production.
Higher arrivals of mustard seeds in producing centres pulled down rapeseed oil further by Rs 10 bringing the total loss in the last four days to Rs 40.
Cotton oil dropped by Rs 2. Groundnut oil ruled unchanged despite weak Saurashtra market where it dropped by Rs 30 for a 15-kg tin.
Volumes in the spot market were thin. A meagre 80-100 tonnes palmolein were traded in resale at Rs 512-514.
Towards the end of the day, Liberty was quoting palmolein at Rs 520-522; super palmolein Rs 560 and sunflower refined oil Rs 790.
Ruchi quoted palmolein at Rs 520 for February and Rs 521 for March; soyabean refined oil at Rs 682 and sunflower refined oil Rs 785.
In Saurashtra – Rajkot, groundnut oil dropped to Rs 1,915 (Rs 1,945) for telia tin and Rs 1,250 (Rs 1,265) for 10 kg.
On the National Commodities and Derivatives Exchange, soyabean refined oil’s March futures were lower by Rs 7.15 to Rs 690.60 (Rs 697.75); April down by Rs 3.30 to Rs 686.65 (Rs 690.00) and May declined by Rs 1.20 to Rs 687.00 (Rs 688.20).
Malaysia’s crude palm oil’s March futures contracts settled lower at MYR 2,387 (MYR 2,419); April at MYR 2,403 (MYR 2,449) and May dropped to MYR 2,419 (MYR 2,470) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,240 (1,240); soya refined oil 682 (685); sunflower exp. ref. 710 (715); sunflower ref. 790 (790); rapeseed ref. oil 745 (755); rapeseed expeller ref. 715 (725); cottonseed ref. oil 613 (615) and palmolein 512 (515).
Vikram Global Commodities, Chennai, quoted Rs 568 for Malaysian super palmolein.