02/03/2013 (Hindu Business Line) - The edible oils market was cautious on Friday following continuous decline in Malaysian palm oil futures and a weak Indian currency against the dollar.

In the absence of active demand, prices for most oils (groundnut oil, soya, sunflower and cotton refined oils) barring palmolein dropped by Rs 5 each. Rapeseed -mustard oil ruled steady. Sources said that during the day Liberty sold 750-800 tonnes of palmolein and Ruchi sold 100-150 tonnes.

In ready, about 150-200 tonnes were resale traded at Rs 510 ex-JNPT.

Nationally, arrivals of new mustard crop reached more than three lakh bags. Groundnut and soyabean arrivals also improved. In Mumbai, Liberty quoted super palmolein at Rs 555 and sunflower refined oil Rs 790. Ruchi quoted palmolein Rs 514; soyabean refined oil Rs 670 and sunflower refined oil Rs 775.

Allana’s rate for super palmolein was Rs 550. In Saurashtra – Rajkot, groundnut oil dropped by Rs 30 to Rs 1,870 (Rs 1,900) for telia tin and declined by Rs 15 to Rs 1,215 (Rs 1,230) for 10 kg.  

On National Commodities and Derivatives Exchange, soyabean refined oil April futures closed lower by Rs 7.90 to Rs 668.75 (Rs 676.65); May lower by Rs 5.40 to Rs 670.55 (Rs 675.95) and June was Rs 673.80 (Rs 677.80).

Malaysia’s crude palm oil’s Aprilcontracts settled lower at MYR 2,360 (MYR 2,387); May at MYR 2,367 (MYR 2,397); and June at MYR 2,377 (MYR 2,405) a tonne.

On Bombay Commodity Exchange spot rates were (Rs/10kg):  Groundnut oil 1,230 (1,235); soya refined oil 670 (675); sunflower exp. ref. 690 (710); sunflower ref. 775 (780); rapeseed ref. oil 715 (715); rapeseed expeller ref. 685 (685); cotton ref. oil 615 (620) and palmolein 511 (510).

Vikram Global Commodities, Chennai, has quoted Rs 565 for Malaysian super palmolein.