14/02/2012 (Hindu Business Line) - Edible oil market witnessed steady trend on Monday due to lack of demand. In foreign markets, Malaysian palm oil and Dalian soya oil, were showing firm trend after the Greek Parliament approved the latest austerity measures.

In the domestic market, only cotton refined oil improved by Rs 2 for 10 kg. Groundnut, soyaoil, rapeseed, sunflower and palmolein ruled unchanged. Volume was negligible which left sentiment weak at the end of the day, said sources.

In Malaysia, BMD CPO futures rebound from recent declines, as the market closed higher on short-covering and speculative buying after Greek Parliament's approval of fresh austerity package. CPO futures rose by 19, 37 and 37 ringgits a tonne at the end, moving within the range during the day.

Tracking weak sentiment and lack of demand hardly 100-150 tonnes of palmolein and other edible oil changed hand in resale. Resalers were seen quoting palmolein at Rs 560.

In Saurashtra-Rajkot, groundnut oil declined by Rs 10 to Rs 1,645 (Rs 1,655) for Telia tin and by Rs 5 to Rs 1,070 (Rs 1,075) for loose -10kg.

The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,060 (1,060), soya refined oil 665 (665), sunflower exp. ref. 615 (615), sunflower ref. 670 (675), rapeseed ref. oil 780 (780), rapeseed expeller ref. 750 (750), cotton ref. oil 620 (618) and palmolein 562 (562).