12/09/2013 (Hindu Business Line) - Strong domestic currency, weak Malaysian palm oil futures and fear of early arrivals of new crops pulled down select edible oils prices by Rs 10 for 10 kg on Wednesday.

Palmolein and rapeseed oil declined by Rs 10 each, while groundnut oil dropped by Rs 20 and soyabean refined oil eased by Rs 2.

Sunflower and cotton oil ruled steady. The volume remained thin amid slack demand.

Tracking weak foreign market and sufficient advance purchases by stockists, volumes remained thin. Slack demand forced local refiners to reduce their rates by Rs 10-15.

Towards the day’s close, Liberty was quoting palmolein at Rs 575, super palmolein Rs 615 and super deluxe Rs 635, soyabean refined oil Rs 660 and sunflower refined oil Rs 830.

Ruchi quoted palmolein at Rs 575, soyabean refined oil Rs 651 and sunflower refined oil Rs 820.

Allana was quoting palmolein at Rs 575, super palmolein Rs 625, soyabean refined oil Rs 660 and sunflower refined oil Rs 830.

Gokul’s rate were Rs 580 for palmolein.

At Rajkot, groundnut oil dropped further by Rs 20 to Rs 1,240 for telia tin and loose (10 kg) to Rs 800 (Rs 800).

Malaysia BMD crude palm oil’s October -contracts closed lower at MYR 2,342 (MYR 2,354), November at MYR 2,330 (MYR 2,351) and December at MYR 2,326 (MYR 2,351).

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 830 (850), soya refined oil 655(657), sunflower exp. ref. 735 (735), sunflower ref. 815(815), rapeseed ref. oil 720(730), rapeseed expeller ref. 690 (700) cottonseed ref. oil 660(660) and palmolein 575 (585).

Vikram Global Commodities (P) Ltd quoted Rs 626/10 kg for Malaysia super palmolein -forward delivery.