19/04/2012 (Hindu Business Line) - Edible oils remained bearish on Wednesday, tracking sharp decline in Malaysian palmolein and domestic soya oil futures. Volume was need-based even as refiners and resellers lowered rates. Malaysian crude palm oil futures closed lower in cautious trade amid uncertainty over global economic growth. Traders said imported palmolein and soyabean oil declined by Rs 2-5 for 10 kg each, while groundnut oil, cottonseed refined oil, sunflower seed and rapeseed oil lost Rs 5 for 10 kg each on lack of demand. Resellers traded about 80-100 tonnes of palmolein.

There was no new demand for indigenous oils as most packers and brand-makers have covered enough quantities in advance. Retail demand is generally low during the mid-month, traders said. Liberty quoted palmolein at Rs 661-662 for April and sunflower refined oil Rs 730-735. Ruchi quoted palmolein at Rs 650-652, soya refined oil at Rs 721-725 and sunflower seed refined oil at Rs 730-735. Resellers offered palmolein at Rs 648-650. In Saurashtra and Rajkot, groundnut oil was Rs 1,860 (Rs 1,865) for a telia tin and Rs 1,210 (Rs 1,200) for loose (10 kg).

Malaysian crude palm oil's May contracts closed at 3,500 ringgit (3,515 ringgit), June at 3,489 ringgit (3,513 ringgit) and July at 3,479 ringgit (3,503 ringgit) a tonne. On the National Board of Trade in Indore, soya refined oil for May delivery closed lower on profit booking at Rs 758.50 (Rs 765.50).

Mumbai spot rates (Rs/10 kg): groundnut oil 1,220 (1,225), soya refined oil 717 (722), sunflower seed exp. ref. 655 (660), sunflower seed ref. 740 (740), rapeseed ref. oil 815 (825), rapeseed expeller ref. 785 (795) cotton seed ref. oil 690 (695) and palmolein 648 (650).