05/10/2013 (Hindu Business Line) - Barring cotton refined oil, which rose by Rs 3 for 10 kg, all other edible oils declined on Friday by Rs 3-5 due to slack demand, higher selling pressure and weak futures.

Expectation of higher arrivals of oilseeds and weak global palm and soya oil market pulled down prices in the domestic market. However, festival demand is likely to push up demand, said sources.

Sources said that on expectation of higher demand stockists continued covering palmolein.

During the day, Liberty and Ruchi sold about 700-800 tonnes and 500-600 tonnes of palmolein respectively at Rs 551. Local refineries have reduced their rates for second day.

Towards the day’s close, Liberty was quoting palmolein at Rs 552, super palmolein Rs 585 and super deluxe Rs 605, soyabean refined oil Rs 658 and sunflower refined oil Rs 800. Ruchi quoted palmolein at Rs 552, soyabean refined oil Rs 651 and sunflower refined oil Rs 785. Allana was quoting palmolein at Rs 558-562, super palmolein Rs 595, soyabean refined oil Rs 655 and sunflower refined oil Rs 810.

In Rajkot, groundnut oil declined by Rs 15 to Rs 1,310 for telia tin and loose (10 kg) dropped by Rs 10 to Rs 840.

Soyabean arrivals were 70,000 bags and its prices were Rs 3,160- 3,300 ex mandi and Rs 3,500-3,600 for plant delivery. Mustard seed arrivals were 50,000 bags and its prices were Rs 3,150-3,700.

Malaysia BMD crude palm oil’s November futures settled higher at MYR 2,315 (MYR 2,306), December at MYR 2,305 (MYR 2,302) and January MYR 2309 (MYR 2302).

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 860 (875), soya refined oil 650 (651), sunflower exp. ref. 730 (730), sunflower ref. 785 (790), rapeseed ref. oil 715(718), rapeseed expeller ref. 685(688) cottonseed ref. oil 675(672) and palmolein 553 (556).