05/08/2014 (Hindu Business Line) - The edible oils markets ruled weak on Monday, tracking bearish futures amid less than expected demand. Malaysian palm oil futures closed lower on expectation of higher production and lower exports in July. Tracking bearish reports from overseas local refineries have reduced their rates by ₹2-3. As a result, on the Bombay Commodity Exchange imported palmolein and soyabean refined oil declined by the same margin. Sunflower and cotton refined oil dropped by ₹3-4. Groundnut and rapeseed oil were steady, said sources.

Sources said poor demand despite beginning of the month and festivals amid bearish futures cooled down sentiment at the end of the day. During the day, hardly 100-150 tonnes of palmolein was resold at ₹567-568.

At the end of the day, Liberty was quoting palmolein at ₹570, super palmolein at ₹590 and soyabean refined oil at ₹643 for September 10. Ruchi was quoting palmolein at ₹568 for August and for September, soyabean refined oil at ₹638 for August 20-31, ₹641 for September and ₹641 for October. Sunflower refined oil at ₹643 for September and ₹645 for October. Allana was quoting palmolein at ₹568, soyabean refined oil at ₹639 and sunflower oil at ₹640 for September.

In Saurashtra – Rajkot groundnut telia tin decline to ₹1,200 (₹1,205) and loose (10 kg) down by ₹5 to ₹760. Soyabean arrivals were 28,000 bags in Madhya Pradesh and its prices were ₹3,900 – 4,050 at mandi level and ₹4,050 – 4100 plant level.

On the Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 785 (785), soya refined oil 642 (644), sunflower exp. ref. 585(588), sunflower ref. 645 (648), rapeseed ref. oil 725 (725), rapeseed expeller ref. 695 (695) cottonseed ref. oil 656 (660) and palmolein 565 (568).