02/02/2012 (Hindu Business Line) -  Edible oils declined on Wednesday due to lack of demand and ample supplies. Malaysian Palm oil market was closed for a holiday.

Groundnut oil was unchanged despite prices rising in Saurashtra. In absence of new demand, palmolein and cottonseed refined oil declined by Rs 3 for 10 kg each, sunflower oil and rapeseed oil by Rs 5 each and soya refined oil by Re 1. Bulk buyers avoided new orders as resellers sold at lower prices in ready and forward markets. Only needy buyers bought small quantities of palmolein and soya oil. Resellers quoted palmolein at Rs 562-563. Liberty offered palmolein at Rs 562-563. Ruchi quoted palmolein at Rs 560-561, soya refined oil at Rs 655 and sunflower refined oil at Rs 675. Allana quoted palmolein at Rs 560. In Saurashtra and Rajkot, groundnut oil was up Rs 20 to Rs 1,605 for a telia tin and Rs 10 to Rs 1,045 for loose (10 kg).

Local soya oil futures improved on speculative buying. Soya refined oil's February contracts closed at Rs 686.20 (Rs 683.30) and March at Rs 680.90 (Rs 675) on the National Board of Trade in Indore.

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil — 1,030 (1,030), soya refined oil — 660 (661), sunflower seed exp. ref. — 605 (605), sunflower seed ref. — 685 (690), rapeseed ref. oil — 750 (755), rapeseed expeller ref. — 720 (725), cottonseed ref. oil — 610 (613) and palmolein — 561 (564).