18/04/2012 (Hindu Business Line) - Edible oil prices extended their losing streak on Tuesday. The market continued to remain bearish on less-than-expected physical demand despite a bounce-back in Malaysian palm oil. Indigenous groundnut oil, sunflower expeller refined oil and cotton refined oil dropped by Rs 5/10 kg each, while rapeseed/mustard oil were down Rs 10. Imported palmolein lost Rs 2 and soya oil declined by Rs 3 for 10 kgs. Volumes remained thin.

A wholesaler said that volumes were thin as the price quoted by resellers was lower than refinery rates. There was neither any significant demand nor any selling pressure in the market. The strong dollar made imports expensive, making refineries quote higher rates. For indigenous oils, the market was under pressure as arrivals of rabi crop is expected to increase in the coming days.

In Mumbai, about 150 -200 tonnes of palmolein were traded in resale in the range of Rs 648–654. Stockists kept away from bulk purchases fearing that the Government may announce stock limits to control inflation.

In physical market, Liberty quoted palmolein at Rs 661- 662 towards the end of the day, while offering soya refined oil at Rs730 and sunflower refined oil Rs735.

Ruchi quoted palmolein at Rs 652, soya refined oil at Rs 721-Rs 725 and sunflower refined oil at Rs 730-735. Bunge quoted Rs 655 for palmolein for April. Mewah's rate was Rs 660-662. Resellers offered palmolein at Rs 652-Rs 653.

Malaysia's crude palm oil May contracts closed at MYR 3,515 (MYR 3,498), June at MYR 3,513 (MYR 3,490) and July at MYR 3,503 (MYR 3,487) a tonne.

On National Board of Trade at Indore, soya refined oil May futures closed higher at Rs 765.50 for 10 kg.

The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,225 (1,230), soya refined oil 722 (725), sunflower exp. ref. 660 (665), sunflower ref. 735 (735), rapeseed ref. oil 825 (835), rapeseed expeller ref. 795 (805) cotton ref. oil 695 (700) and palmolein 650 (652).