17/01/2012 (Hindu Business Line) - Edible oils fell on weak palm oil futures in Malaysia on Monday. In the physical market, prices declined by Rs 3-6 for 10 kg on thin trade. Imported palmolein and soya oil dropped by Rs 3 and Rs 5 for 10 kg as local refiners reduced rates by Rs 3-4.

Lack of new demand and higher reselling pulled down sunflower oil by Rs 5, rapeseed oil by Rs 2 and cottonseed refined oil by Rs 6 for 10 kg. Groundnut oil was unchanged, following a steady trend in Saurashtra. Market sources said that arrivals of seeds in main producing centres are likely to improve and this may lead to selling pressure, while on the other hand, demand may rise during the upcoming marriage season. Resellers traded about 80-100 tonnes of palmolein. Resellers quoted palmolein at Rs 580-584. Liberty quoted palmolein at Rs 582-584, super palmolein at Rs 612 and sunflower oil at Rs 725. Ruchi offered palmolein at Rs 578 for February delivery and at Rs 580 for March delivery, soya refined oil at Rs 675 and sunflower refined oil at Rs 711 for delivery between February 1 and 10. Allana offered palmolein at Rs 581 for delivery between February 5 and 15. In Saurashtra and Rajkot, cottonseed oil eased to Rs 618-619 and groundnut oil was unchanged at Rs 1,565 for a telia tin and down Rs 5 for 10 kg loose at Rs 1,020.

Malaysian crude palm oil's February contracts closed at 3,161 ringgits (3,160 ringgits), March at 3,136 ringgits (3,151 ringgits) and April at 3,126 ringgits (3,148 ringgits) a tonne. Soya oil for February delivery declined to Rs 708.70 (Rs 711.90) and for March to Rs 692 (Rs 697) on the National Board of Trade in Indore.

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil — 1,010 (1,010), soya refined oil — 685 (690), sunflower seed exp. ref. — 640 (645), sunflower seed ref. — 715 (720), rapeseed ref. oil — 818 (820), rapeseed expeller ref. — 788 (790), cottonseed ref. oil — 642 (648) and palmolein — 585 (588).