30/01/2013 (Hindu Business Line) - Edible oils prices ruled weak on Tuesday despite a rebound in Malaysian palm oil and domestic soya oil futures.

Lack of demand pulled down groundnut oil by Rs 5, rapeseed oil by Rs 10 and soyabean refined oil by Rs 2 for 10 kg. Cotton refined oil increased by Re 1 while palmolein and sunflower oils ruled steady. Analysts said players will be looking for Malaysia’s January palm exports data due on Thursday for further trading cues. Prospects for rabi oilseeds crop is better than anticipated. In Mumbai, about 200-250 tonnes of palmolein was sold in resale at Rs 504-505 ex -JNPT and Rs 507-508 ex-Patalganga sources added.

Towards the end of the day, Liberty was quoting palmolein at Rs 518-520 for February; super palmolein Rs 563; soya refined oil Rs 730 and sunflower refined oil Rs 800 for Feb. Ruchi quoted palmolein at Rs 518; soyabean refined oil at Rs 721 and sunflower refined oil Rs 800. Allana’s rate for palmolein was Rs 515 and super palmolein Rs 560.

In Saurashtra – Rajkot, groundnut oil again taken bearish trend with drop of Rs 40 to Rs 1,950 (Rs 1,990) for telia tin and by Rs 20 Rs1,270 (Rs 1,290) for loose (10 kg).

On the National Commodities and Derivatives Exchange, Soyabean refined oil’s February futures bounced back to Rs 725.85 (Rs 725.35), March was Rs703.25 (Rs703.00) and April was Rs 691.55 (Rs 691.55).

Malaysia’s crude palm oil’s February contracts closed higher at MYR 2,400 (MYR 2,382), March MYR 2,443 (MYR2,412) and April at MYR 2,476 (MYR 2,445) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,280 (1,285); soya refined oil 718 (720); sunflower exp. ref. 725 (725); sunflower ref. 800 (800); rapeseed ref oil 810 (820); rapeseed expeller ref. 780 (790); cottonseed ref. oil 620 (619) and palmolein 507 (507).

Vikram Global Commodities, Chennai, has quoted Rs 571 for 10 kg - Malaysian super palmolein.