23/03/2012 (Hindu Business Line) - Edible oils ruled steady despite absence of new demand on Thursday.

Groundnut oil, soya refined oil, sunflower and cottonseed refined oil were unchanged despite firm reports from producing centres.

Palmolein rose by Re 1 for 10 kg on weak rupee against the dollar. Rapeseed oil increased by Rs 10 for 10 kg on bullish outlook for mustard crop. .

Meanwhile, reports said Indonesia will raise its crude palm oil export tax for April to 18 per cent from 16.5 per cent in March due to rising international prices caused by tight supply.

Malaysian crude palm oil futures slipped as investors continued to liquidate riskier positions after a gauge of manufacturing activity in China indicated its economy is slowing, raising concerns that the country may reduce consumption of raw materials. Sources said about 450-500 tonnes of palmolein changed hands, including 150-200 tonnes in the resale market that quoted at at Rs 590-592. Liberty was quoting palmolein at Rs 606-607, soya refined oil at Rs 697 and sunflower refined oil at Rs 705. Ruchi was quoting palmolein at Rs 600, soya refined oil at Rs 690 and sunflower refined oil at Rs 695. In Saurashtra and Rajkot, groundnut further increased by Rs 10 to Rs 1,810 for a telia tin and by Rs 5 to Rs 1,180 for loose (10 kg).

Malaysia's crude palm oil's April futures settled at MYR 3,367 (MYR 3,367), May at MYR 3,346 (MYR 3,374) and June at MYR 3,342 (MYR 3,368) a tonne. On the National Board of Trade in Indore, soya refined oil for April delivery closed at Rs 741.20 (Rs 740.10) while for May was at Rs 732.50 (Rs 735).

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,175 (1,175), soya refined oil 690 (690), sunflower exp. ref. 640 (640), sunflower ref. 700 (705), rapeseed ref. oil 825 (815), rapeseed expeller ref. 795 (785) cottonseed ref. oil 665 (665) and palmolein 594 (593).