30/06/2012 (Hindu Business Line) - Palmolein prices fell by Rs two, while washed cotton seedoil dropped by Re 1 for 10 kg.

Groundnut, soya oil, sunflower oil and rapeseed oil ruled unchanged in the edible oil market on Friday. In the physical market, volumes remained subdued for the third consecutive day. Sources said strengthening of Indian currency against the dollar and easing concern over global economic growth and commodity demand kept activities thin.

Selling pressure in the Malaysian market mounted late evening, dragging domestic soya oil futures lower.

Change of weather from dry to cloudy in many parts of the country has increased hopes for kharif crops.Palm oil demand remains strong with Malaysian exports showing a steady improvement. On Friday only 80-100 tonnes of palmolein were traded in resale at Rs 607 ex- JNPT. There were no trades in other oils.

At the end of the day, Liberty was quoting palmolein at Rs 617-619, super palmolein at Rs 650, soya oil Rs 745 and sunflower refined oil Rs 750. Ruchi quoted Palmolein at Rs 615 for July and Rs 620 for August. Soya refined oil was traded at Rs 740-745.

Sunflower refined oil at Rs 741-746. Allana’s rate for Palmolein was Rs 617. Bunge quoted Palmolein at Rs 620 and Mewah offered at Rs 615. In Saurashtra (Rajkot) groundnut oil shot up to Rs 1,860 (Rs 1,820) for Telia tin and Rs 1,200 (Rs 1,180) for “loose” (10 kg).

Malaysia's crude palm oil August contracts settled at MYR 3,000 (MYR 2,991), September at MYR 3,020 (MRY 2,998), and October at MYR 3,031 (MYR 3,000) a tonne.

The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,185 (1,185), soya refined oil 738 (738), sunflower exp. ref. 670 (670), sunflower ref. 750 (745), rapeseed ref. oil 830 (830), rapeseed expeller ref.800 (800) cotton ref. oil 704 (705) and palmolein 610 (612).