08/02/2013 (Hindu Business Line) - Edible oils prices ruled steady on Friday as stockists kept away from fresh bet due to ease in local demand.

Trading in spot edible oils was closed due to sudden demise of a leading trader.

In futures markets, sentiment remained calm – slightly weak as market participants were waiting for the US Department of Agriculture (USDA) monthly supply and demand reports later in the day.

Sources said there were no fresh bulk commitments from the stockists as they have covered sufficient quantity this month for February delivery.

Local refineries quoted prices but there was no business.

New arrivals of rapeseed – mustard seed started in Rajasthan and Gujarat. Positive outlook for rabi oilseeds crop weigh on indigenous edible oils. Malaysian inventory and output data for January from the Malaysian Palm Oil Board (MPOB) will give more trading clues when it is released next Wednesday as the country’s markets return from the Lunar New Year. Liberty quoted palmolein at Rs 512-514, super palmolein Rs 561 and sunflower refined oil Rs 800. Ruchi quoted palmolein at Rs 512, soyabean refined oil at Rs 710 and sunflower refined oil Rs 785. Allana’s rate for palmolein was Rs 512 and super palmolein Rs 560.

In Saurashtra – Rajkot, groundnut oil dropped to Rs 1,920 (Rs 1,920) for telia tin and Rs 1,250 (Rs 1,250) for loose (10 kg).

On the National Commodities and Derivatives Exchange, soyabean refined oil’s March futures was Rs 706.80 (Rs 706.30) and April was Rs 702.00 (Rs 703.00). Malaysia’s crude palm oil’s March contracts slightly up at MYR 2,530 (MYR 2,524), April at MYR 2,556 (MYR 2,551) and May was MYR 2,574 (MYR 2,568) a tonne.

In Mumbai, nominal spot rates were (Rs/10 kg): Groundnut oil 1,250 (1,250), soya refined oil 710 (710), sunflower exp. ref. 720 (720), sunflower ref. 785 (785), rapeseed ref. oil 798 (798), rapeseed expeller ref. 768 (768) cottonseed ref. oil 610 (610) and palmolein 509 (509).