28/01/2013 (Hindu Business Line) - Edible oils prices witnessed a weak trend on Monday on lack of retail demand and close of Malaysian palm oil futures markets. Domestic soyabean oil March-April futures dropped by Rs 7 on speculative selling.

There was a report that Indonesia will increase its export tax for crude palm oil and RBD palmolein by 1.50 per cent and one per cent for February but that did not affect the market sentiment here.

Due to month-end, physical demand was weak, said sources. In Mumbai, the volume was thin and isolated on buyer resistance.

During the day merely 80-100 tonnes of palmolein were sold in resale at Rs 505 ex-JNPT. Demands for other oils were lacking.

Improved arrivals of indigenous oilseeds in producing centres and expectation of further improvement in the coming days will add pressure on price. Local demand is also expected to improve next month.

Towards the end of the day, Liberty was quoting palmolein at Rs 518-520 for February; super palmolein Rs 563 for Feb; soya refined oil Rs 730 and sunflower refined oil Rs 800 for Feb. Ruchi quoted palmolein at Rs 518 for Feb 25; soyabean refined oil at Rs 721 for Feb 25, and sunflower refined oil Rs 800 for Feb 25.

Allana’s rates for palmolein was Rs 515 and super palmolein Rs 560. In Saurashtra – Rajkot, groundnut oil was up by Rs 5 to Rs 1,990 (Rs 1,985) for telia tin and Rs 1,290 (Rs 1,285) for loose (10 kg).

On the National Commodities and Derivatives Exchange, soyabean refined oil February futures declined by Rs 4.10 to Rs 725.50 (Rs 729.60); March dropped to Rs 703.20 (Rs 710.65) and April closed lower at Rs 692.00 (Rs 698.95).

On Friday Malaysia’s crude palm oil’s February contracts settled at MYR 2,382 (MYR 2,410), March at MYR 2,412 (MYR 2,453) and April settled at MYR 2,445 (MYR 2,481) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): Groundnut oil 1,285 (1,290); soya refined oil 720 (718); sunflower exp. ref. 725 (720); sunflower ref. 800 (795); rapeseed ref. oil 820 (820); rapeseed expeller ref. 790 (790); cottonseed ref. oil 619 (624) and palmolein 507 (507).

Vikram Global Commodities, Chennai quoted Rs 571 for 10 kg - Malaysian super palmolein.