09/01/2013 (Hindu Business Line) - Edible oil market witnessed dull trading and mixed trend on second day on lack of demand and bearish Malaysian palm oil futures. Improved arrivals of indigenous seeds for crushing pulled prices of cotton refined oil by Rs 3 and rapeseed oil by Rs 5.

Groundnut, soyabean and sunflower oil ruled unchanged but the undercurrent was weak. Palmolein rose by Re 1 as reselling pressure eased. The volume was thin due to need-based buying by stockists, said sources.

In the local market, palm oil volumes remained thin. About 350-400 tonnes of palmolein were traded in resale at Rs 505-506.

Most traders have covered sufficient stocks in advance at lower prices kept away from fresh buying.

Indigenous edible oils were under pressure of higher arrivals and better prospects for rabi crops. Weak currency makes import parity costly forcing refiners to hold the prices higher against resellers prices.

In Saurashtra – Rajkot groundnut oil drop to Rs 1,960 (Rs 1,995) for telia tin and Rs 1,280 (Rs 1,300) for loose (10 kg). Liberty was quoting palmolein at Rs 522-524 for Jan and Rs 530-532 for February. Super palmolein Rs 572, soya refined oil Rs 690 and sunflower refined oil Rs 800. Ruchi quoted palmolein at Rs 520 for January and Rs 528 for Feb 1-25, soyabean refined oil at Rs 680 and sunflower refined oil Rs 785 for January.

Allana’s rates for palmolein were Rs 518 and super palmolein Rs 565.

On the National Commodities and Derivatives Exchange, soyabean refined oil’s February futures were up Rs 690.60 (Rs 685.65); March at Rs 680.70 (Rs 678.20) and April Rs 678.70 (Rs 680.60).Malaysia’s crude palm oil’s February contracts declined to MYR 2,343 (MYR 2,365), March at MYR2,393 (MYR 2,418) and April drop to MYR 2,434 (MYR 2,461) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 1,280 (1,280), soya refined oil 685(685), sunflower exp. ref. 720 (720), sunflower ref. 790 (790), rapeseed ref. oil 815 (820), rapeseed expeller ref. 785 (790) cottonseed ref. oil 612 (615) and palmolein 506 (505).

Vikram Global, Chennai, quoted Rs 573 for 10 kg for Malaysian super palmolein.