Weak demand and rise in selling pressure amid bearish futures continued to drag edible oil prices this week.
Groundnut and sunflower expeller refined oil declined by Rs 10 each for 10 kg, cotton refined oil lost Rs 3 on monsoon lashing producing centres.
Lower closing of Malaysian palm oil futures pulled down palmolein and soyabean refined oil by Rs 3 and Rs 5 each.
Weak Indian currency capped further drop in imported oils.
Sources said that stockists kept away from fresh bulk buying and concentrated on fulfilling old commitments.
During the day, resellers offloaded about 250-300 tonnes of palmolein at Rs 523-525 for ready and 250-300 tonnes at Rs 530-532 for July delivery.
Shailesh Kataria, a broker, said that continuous weakness in India currency against dollar this month is the driving force for the uptrend in imported edible oils.
Towards the day’s close, Liberty was quoted palmolein at Rs 543, super palmolein Rs 578 and super deluxe Rs 598. Ruchi quoted palmolein at Rs 545, soyabean refined oil Rs 670 and sunflower refined oil at Rs 800. In Rajkot, groundnut oil declined by Rs 20 to Rs 1,450 for telia tin and by Rs 20 to Rs 930 for loose (10 kg).
Malaysian BMD crude palm oil ’s July contracts closed lower at MYR 2,370 (MYR 2,400), August at MYR 2,382 (MYR 2,412) and September at MYR 2,379 (MYR 2,412) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 950 (960), soya refined oil 670 (675), sunflower exp. ref. 735 (745), sunflower ref. 800 (800), rapeseed ref. oil 698 (698), rapeseed expeller ref. 668 (668) cottonseed ref. oil 661 (668) and palmolein 525 (528).
Vikram Global Commodities, Chennai quoted Rs 580 ex-Chennai for Malaysian super palmolein for 15 days delivery.