10/07/2013 (Hindu Business Line) - Indigenous edible oils, froundnut, rapeseed and cotton, declined by Rs 5, Rs 3 and Rs 10 for 10 kg each on expectation of higher kharif output due to timely monsoon. Palmolein dropped by Rs 4 on eased demand amid selling pressure. Soyabean and sunflower oil ruled unchanged.

Sources said that good progress of monsoon in most of the producing States bolstered kharif oilseeds sowing especially groundnut and cotton and in turn, weighing on indigenous edible oils.

During the day, hardly 150-200 tonnes of palmolein were traded in resale at Rs 537-538 for ready-near term delivery.

Refineries direct rates were higher. Hence, activities remained limited. Further oilseeds arrivals also improved at producing centres. The sentiment was positive ahead of Ramzan.”

Soyabean arrivals were about 1-1.10 lakh bags and prices were Rs 3,550-60 ex-mandi and Rs 3,750-3,800 for plant delivery. Mustard seeds arrivals were 1.10-1.15 lakh bags and prices were Rs 3,080-3,590.

Towards the day’s close, Liberty was quoting palmolein at Rs 550-552, super palmolein Rs 587 and super deluxe Rs 607. Ruchi quoted palmolein at Rs 551, soyabean refined oil Rs 670 and sunflower refined oil Rs 821. Allana was quoting palmolein at Rs 549-552 and super palmolein Rs 585. In Rajkot, groundnut oil ruled steady at Rs 1,480 for telia tin and Rs 950 for loose (10 kg).

Malaysia BMD crude palm oil’s Augustcontracts settled higher by 29 to MYR 2,405 (MYR 2,378), September higher by 23 to MYR 2,397 (MYR 2,376) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 970 (975), soya refined oil 670 (670), sunflower exp. ref. 760 (755), sunflower ref. 820 (820), rapeseed ref. oil 692 (695), rapeseed expeller ref. 662 (665) cottonseed ref. oil 655 (665) and palmolein 538 (542).

Vikram Global Commodities (P) Ltd quoted Malaysian super palmolein at Rs 592 for 10 kg - July delivery.