13/03/2012 (Hindu Business Line) - Imported palmolein and soya oil dropped by Rs 2 and Rs 3 for 10 kg on Monday, tracking losses in Malaysian palm oil futures.

Rapeseed oil dropped by Rs 5 for 10 kg on weak sentiment at producing centres. Groundnut oil was up Rs 10 for 10 kg to Rs 1,170, following a firm Saurashtra market. Sunflower seed oil and cottonseed refined oil ruled unchanged.

Malaysian crude palm oil futures fell after data from Malaysian Palm Oil Board showed a rise in month-end stockpiles due to February exports slumping more than output, analysts said. Market sources here said local volume was thin because of low demand. Because of a wide price gap between the prices quoted by refiners and resellers, there was no new buying.

Resellers traded about 60-70 tonnes of palmolein at Rs 575-577. Liberty quoted it at Rs 588. Ruchi offered it at Rs 583, soya refined oil at Rs 685 and sunflower seed refined oil at Rs 695. Allana quoted it Rs 585. In Saurashtra and Rajkot, export demand has kept groundnut bullish. Groundnut oil increased further by Rs 5 to Rs 1,805 for a telia tin and to Rs 1,175 for loose (10 kg).

Malaysian crude palm oil's April contracts settled lower at 3,320 ringgit (3,357 ringgit), May at 3,317 ringgit (3,352 ringgit) and June at 3,310 ringgit (3,334 ringgit) a tonne. On the National Board of Trade in Indore, soya refined oil for March delivery closed at Rs 717.80 (Rs 725.30) and for April at Rs 725.80 (Rs 733.40).

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil — 1,170 (1,160), soya refined oil — 685 (688), sunflower seed exp. ref. — 640 (640), sunflower seed ref. — 705 (705), rapeseed ref. oil — 810 (815), rapeseed expeller ref. — 780 (785) cottonseed ref. oil — 658 (658) and palmolein — 585 (587).