28/01/2012 (Hindu Business Line) - Lack of demand weakened most edible oils on Friday.

Groundnut oil was down Rs 10 a quintal, following liquidation of long positions in Saurashtra that brought down prices by by Rs 20. Rapeseed oil fell by Rs 5 a quintal and cottonseed refined oil and palmolein dropped by Re 1 a quintal each. Soya refined oil was up by Rs 2 a quintal while sunflower oil was unchanged. Local refiners reduced the rate of palmolein by Rs 2 a quintal on lack of demand, but demand still remained poor as resellers quoted even lower. Malaysian crude palm oil futures rose in choppy trade on speculative buying.

A Resellers traded about 100-150 tonnes of palmolein at Rs 565-566. Liberty quoted palmolein at Rs 566-Rs 568 and at Rs 565-566 for February delivery, super palmolein at Rs 600 and sunflower oil at Rs 705. Ruchi offered palmolein at Rs 563 for February delivery and at Rs 564 for March, soya refined oil at Rs 665 for delivery on March 15 and Sunflower refined oil at Rs 691 for delivery on March 15. Allana quoted palmolein at Rs 565 for delivery between February 5 and 15. In Saurashtra and Rajkot, cotton oil quoted at Rs 605-606 and groundnut oil at Rs 1,635 (Rs 1,655) for a telia tin and at Rs 1,065 (Rs 1,085) for loose (10 kg).

Malaysian crude palm oil's February contracts closed at 3,137 ringgits (3,138 ringgits) and March at 3,136 ringgits a tonne. Soya refined oil for February delivery was sharply down to Rs 696.50 (Rs 708.20) on the National Board of Trade in Indore.

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil — 1,045 (1,055), soya refined oil — 668 (666), sunflower seed exp. ref. — 620 (620), sunflower seed ref. — 700 (700), rapeseed ref. oil — 775 (780), rapeseed expeller ref. — 745 (750), cottonseed ref. oil — 630 (631) and palmolein — 568 (569).