07/10/2011 (Hindu Business Line) -  Most edible oils remained unchanged on Thursday on a stronger Malaysian palm oil even as markets were closed for Dussehra.

Narrowing gap between prices of soyabean and sunflower oils will give buyers more alternatives, said a market analyst. Higher local oilseeds production and seasonal arrivals will increase supplies of indigenous oils, which will likely lead to a bearish trend in one or two months, the analyst said.

Reports of arrivals from producing centres and higher sales of palmolein at concessional prices through the public distribution system has hit demand in the open market, a wholesaler said. Local refiners have started offering imported oils at reduced prices on a par with resellers to avoid building stocks.

Groundnut oil rebounded in Saurashtra as brand-markers started covering for the forthcoming season. In Rajkot and Saurashtra, groundnut oil quoted at Rs 1,320 (Rs 1,325) for a telia tin and at Rs 840 (Rs 830) for loose (10 kg).

Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) rebounded after touching a new low in the year on technical buying.

Malaysia's BMD CPO November contracts settled at MYR2,817 (MYR2,800), December at MYR2,808 (MYR2,785) and January at MYR2,808 (MYR2,790) a tonne.

Spot rates (Rs/10 kg): groundnut oil 870 (870), soya refined oil 616 (615), sunflower exp. ref. 665 (665), sunflower ref. 740 (740), rapeseed ref. oil 675 (675), rapeseed expeller ref. 645 (645), cotton ref. oil 633 (635) and palmolein 527 (525).