03/02/2012 (Hindu Business Line) - Most edible oils extended losses on Thursday on need-based local demand and bearish foreign markets.

Higher sales in the resale market, too, weigh on the market. Malaysian crude palm oil fell to its lowest since December 21, tracking declines in soya oil crude oil on the Chicago Board of Trade.

Tariffs on Imported Oils
Groundnut oil was unchanged tracking a steady Saurashtra market. Lower-than-expected local demand despite the month having just begun dragged down palmolein by Re 1, cotton refined oil by Rs 2 and sunflower oil, rapeseed oil and soya refined oil by Rs 5 each for 10 kg.

Resellers traded about 200-250 tonnes of palmolein at Rs 556-560. There was no new demand for indigenous oils. There was talk of changes in tariffs of imported edible in the market.

Liberty quoted palmolein at Rs 560-561. Ruchi offered palmolein at Rs 565, soya refined oil at Rs 655 and sunflower refined oil at Rs 675. Allana quoted palmolein at Rs 560. In Saurashtra and Rajkot, groundnut oil was unchanged at Rs 1,605 for a telia tin and at Rs 1,045 for loose (10 kg).

Malaysian crude palm oil's February contract settled lower at 3,030 ringgit (3,075 ringgit), March at 3,060 ringgit (3,078 ringgit) and April at 3,056 (3,078 ringgit) a tonne. On the National Board of Trade in Indore, soya refined oil's February contract closed lower at Rs 679.50 (Rs 686.20) and March dropped to Rs 672 (Rs 680.90).

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil - 1,030 (1,030), soya refined oil - 655 (660), sunflower seed exp. ref. - 605 (605), sunflower seed ref. - 680 (685), rapeseed ref. oil - 745 (750), rapeseed expeller ref. - 715 (720), cottonseed ref. oil - 608 (610), and palmolein - 560 (561).