06/06/2012 (Hindu Business Line) - Imported palmolein declined further by Rs 4 for 10 kg on Tuesday, taking its total loss to Rs 15 in the last four days on limited demand and bearish foreign markets. Groundnut oil rose by Rs 5, tracking steady improvement in Saurashtra market. Soya oil, sunflower oil, rapeseed oil and cotton oil rule unchanged on steady trend at producing centres.

The volume was thin as only needy stockists covered. As monsoon approaches, quality material will be in demand. The sentiment for imported oils was steady, while for indigenous oil was bearish, said traders.

Mr Shailesh Kataria of Riddhi Siddhi Brokers said: “Despite month beginning and rebound in Malaysian market, the retail demand continues to be lower. For palmolein, compared with Gujarat, prices in Mumbai are higher. Hence, buyers kept away from building fresh inventories. Once monsoon starts demand for quality edible oils having low free fatty acid and moisture will rise.

In Gujarat, palmolein was quoted at Rs 590 compared with Rs.608 in Mumbai.

Traders said that about 200-250 tonees of palmolein were traded during the day. Resellers offloaded palmolein at Rs 608 for ready and weekly delivery. Towards the end of the day, Liberty quoted palmolein at Rs 620-621, soya oil at Rs 690 and sunflower refined oil at Rs 720. Ruchi quoted palmolein at Rs 615 for Patalganga, Rs 608 for JNPT for June 10-30 and Rs 606 for July. Soya refined oil was quoted at Rs 690 and sunflower refined oil at Rs 720. Bunge quoted at Rs 610 for ready and weekly delivery.

Resellers quoted palmolein at Rs 608 for JNPT and Rs 615 for Shapur. In Rajkot (Saurashtra), groundnut oil was up by Rs 10 at Rs 1,830 for Telia tin and by Rs 10 to Rs 1,200 for loose - 10kgs on renewed demand.

Malaysia's crude palm oil July contracts closed at MYR 2,960 (MYR 2,952), August at MYR 2,966 (MYR 2,953) and September at MYR 2,961 (MYR 2,949) a tone. The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,175 (1,170), soya refined oil 690 (690), sunflower exp. ref. 660 (665), sunflower ref. 715 (715), rapeseed ref. oil 800 (800), rapeseed expeller ref. 770 (770) cotton ref. oil 665 (665) and palmolein 612 (616).