03/04/2013 (HIndu Business Line) - Bearish Malaysian palm oil futures dragged palmolien by Rs 5 for 10 kg in local market on Monday. Improved arrivals of mustard seed in producing centres pulled down rapeseed oil by Rs 2. Cotton refined oil inched up by Rs 4. Groundnut, soyabean and sunflower oil ruled unchanged. The volume was negligible as resellers were offered palmolein at lower price.

A wholesaler said: “During the day only 50-60 tonnes of palmolein were traded at Rs 506-507 in resale. Huge price gap in palmolein forced local refineries to reduce rates by Rs 2-3. Resellers were offering palmolein at Rs 506-507 while refineries were quoting Rs 4-5 higher. Mustard seed arrivals increased to 4 lakh bags which led to higher selling pressure in oil”.

Towards the day’s close, Liberty was quoting palmolein at Rs 509-511, super palmolein Rs 548 and sunflower refined oil Rs 780. Ruchi was quoting palmolein at Rs 510, soyabean refined oil Rs 655-660 for April and Rs 665-670 for May and sunflower refined oil Rs 771. Allana quoted super palmolein at Rs 545. In Saurashtra – Rajkot, groundnut oil was up by Rs 10 to Rs 1,850 for telia tin and Rs 1,210 (Rs 1,200) for loose (10 kg).

On the NCDEX, soyabean refined oil’s May futures was lower at Rs 674.35 (Rs 679.55), June was down to Rs 668.45 (Rs 673) and July was Rs 664 (Rs 667.50). Malaysian BMD crude palm oil’s May futures closed lower at MYR 2,332 (MYR 2,368), June was MYR 2,336 (MYR 2,378) and July was MYR 2,344 (MYR 2,387) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,210 (1,210), soya refined oil 655 (655), sunflower exp. ref. 680 (680), sunflower ref. 765 (765), rapeseed ref. oil 700 (702), rapeseed expeller ref. 670 (672) cottonseed ref. oil 624 (620) and palmolein 507 (512).