17/04/2012 (Hindu Business Line) - The edible oil market continued to remain bearish on Monday, tracking a weak foreign market. Malaysian crude palm oil futures continued last week's losing spree.

In the local market, imported palmolein and soya refined oil declined by Rs 8 and Rs 5, indigenous groundnut oil lost a hefty Rs 20, cotton refined oil fell by Rs 8 for 10 kg. Lack of demand in the physical market kept volumes need-based and the sentiment weak, said sources.

A wholesaler said that there was neither any significant demand nor any selling pressure as the dollar further strengthened, making imports costly for refineries.

New arrivals of groundnuts in Saurashtra is expected in 8-10 days. In the southern States, daily arrivals of groundnuts is currently 2–2.25 lakh bags putting pressure on oil prices at higher level.

Only need-based buyers covered about 250 -300 tonnes of palmolein for the weekend and ready delivery in the range of Rs 651– 655 from direct refinery and resale.

In the physical market, Liberty's rate for palmolein was Rs 661-662 for 10 kg towards the end of the day, soya refined oil was Rs 730 and sunflower refined oil was Rs 735. Ruchi quoted palmolein at Rs 660, for May it was Rs 664; soya refined oil at Rs 725-730 and sunflower refined oil at Rs 730-735. Bunge quoted palmolein at Rs 658 for April. Mewah's rate was Rs 663-664. Resellers were offering palmolein at Rs 655-656. Saurashtra–Rajkot groundnut oil dropped sharply by Rs 25 to Rs 1,865 for telia tin and declined by Rs 25 to Rs 1,200 for loose-10kg.

The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,230 (1,250), soya refined oil 725 (730), sunflower exp. ref. 665 (665), sunflower ref. 735 (735), rapeseed ref. oil 835 (835), rapeseed expeller ref. 805 (805) cotton ref. oil 700 (708) and palmolein 652 (660).