13/06/2013 (Hindu Business Line) - On Wednesday, palmolein dropped by Rs 7 for 10 kg on a sharp pull back in value of the rupee against the US dollar and resale selling pressure, erasing most of the previous day’s gain of Rs 11. Groundnut oil rose by Rs 10 despite a steady trend at Rajkot. Rapeseed, sunflower and cotton oils inched up by Rs 5, Rs 5 and Rs 2 each. Slack local demand kept overall sentiment cautious amid thin volatility in Malaysian palm oil futures, said sources. Soyabean arrivals were nearly one lack lakh bags at Rs 3,800 ex-mandi and mustard seed arrivals were 1.85 lakh-1.90 lakh bags at Rs 3,140-3,625.Liberty quoted palmolein at Rs 555; super palmolein Rs 588 and super deluxe Rs 608. Ruchi quoted palmolein at Rs 555; soyabean refined oil Rs 675 and sunflower refined oil Rs 790. In Rajkot, groundnut oil was steady at Rs 1,630 (Rs 1,630) for telia tin and Rs 1,050 (Rs 1,050) for loose 10 kg.

On the National Commodities and Derivatives Exchange, soyabean refined oil July futures were traded at Rs 694.60 (Rs 694.80); August was higher at Rs 690.50 (Rs 690.05) and September ended at Rs 683.90 (Rs 682.95).

Malaysia BMD crude palm oil’s July contracts settled at MYR 2,449 (MYR 2,450); Aug MYR 2,451 (MYR 2,456) and Sept at MYR 2,451 (MYR 2,456) a tonne. The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 1,060 (1,050); soya ref oil 670 (670); sunflower exp. ref. 685 (685); sunflower ref. 785 (780); rapeseed ref. oil 705 (700); rapeseed exp ref. 675 (670); cottonseed ref. oil 660 (658) and palmolein 528 (535). Vikram Global Commodities, Chennai, quoted Rs 580 for Malaysian super palmolein ex-Chennai for delivery 15 days.