20/01/2012 (Hindu Business Times) - Barring groundnut oil, most edible oils fell on Thursday, tracking weak foreign markets and as millers sold more.

Local refiners reduced prices of palmolein and soya oil by Rs 5-10 fro 10 kg, as palm oil and soya oil dropped on the futures market.

Malaysian crude palm oil futures closed lower on profit-taking and easing worries about supplies amid softening export demand. In Mumbai, imported palmolein declined by Rs 7, soya refined oil by Rs 6 and cottonseed refined oil by Rs 6 for 10 kg. Sunflower oil and rapeseed oil eased by Rs 5 each for 10 kg on lack of demand in the ready market. As demand is usually low during mid-month, buyers are keeping away from new bets in the ready market even as they cover for later months in the forward market, a wholesaler said. Groundnut oil rose by Rs 10 for 10 kg, tracking improvement in Saurashtra where a telia tin and loose (10 kg) were up by Rs 15-10 for 10 kg. Arrivals of seeds in main producing centres is likely to improve. Demand, too, will go up during the upcoming marriage season.

Resellers traded about 900-1,000 tonnes of palmolein at Rs 560-562 for February delivery. Resellers quoted palmolein at Rs 561-562. Liberty offered palmolein at Rs 573-575 for January delivery and at Rs 569-571 for February delivery, super palmolein at Rs 605 and sunflower oil at Rs 715. Ruchi quoted palmolein at Rs 566 for February delivery and at Rs 568 for March, soya refined oil at Rs 665 for February, and sunflower refined oil at Rs 695 for delivery between February 1 and 10. Allana quoted palmolein at Rs 567 for delivery between February 5 and 15. In Saurashtra and Rajkot, cottonseed oil quoted at Rs 602-604 and groundnut oil at Rs 1,575 (Rs 1,560) for a telia tin and at Rs 1,025 (Rs 1,015) for loose (10 kg), traders said.

Malaysian crude palm oil's February contracts closed at 3,165 ringgits (3,190 ringgits), March at 3,164 ringgits (3,185 ringgits) and April at 3,157 ringgits (3,180 ringgits) a tonne. Soya refined oil for February delivery settled higher at 697.60 (Rs 692.50) and for March at Rs 683.50 (Rs 679) on the National Board of Trade in Indore.

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil — 1,020 (1,010), soya refined oil — 669 (675), sunflower seed exp. ref. — 630 (635), sunflower seed ref. — 715 (715), rapeseed ref. oil — 795 (800), rapeseed expeller ref. — 765 (770), cottonseed ref. oil — 634 (640) and palmolein — 573 (580).