12/08/2014 (Hindu Business Line) - Bearish Malaysian palm oil data along with weak futures pulled domestic edible oils prices further down on Monday. Poor physical demand and bearish trend forced local refineries to reduce their prices for palmolein and soyabean refined oil by ₹3-5 for 10 kg. The volumes remained thin and isolated in resale. Morale was weak, said sources.

On the Bombay Commodity Exchange, imported palmolein and soyabean refined oil declined by ₹2 each. Groundnut oil dropped by ₹5. In Mumbai activities remained thin as stockists stayed away tracking sharp drop in futures amid slack physical demand. Liberty was quoting palmolein at ₹557, super palmolein ₹577 and soyabean refined oil ₹635 for September. Ruchi was quoting palmolein for ₹555, soyabean refined oil ₹630 and sunflower refined oil ₹633. Allana’s rates for palmolein were ₹555, super palmolein ₹580, . soyabean refined oil ₹630 and sunflower oil ₹630.

In Saurashtra-Rajkot, groundnut Telia tin declined to ₹1,190 (₹1,200) and loose (10 kg) at ₹760 (₹765).

BCE spot rates (₹/10 kg): groundnut oil 775 (780), soya refined oil 630 (632), sunflower exp. ref. 580 (575), sunflower ref. 630 (635), rapeseed ref. oil 730 (730), rapeseed expeller ref. 700 (700) cottonseed ref. oil 650 (650) and palmolein 553 (555).