24/07/2013 (Hindu Business Line) - Weak sentiment continued in edible oils market on Tuesday on poor physical demand and bearish futures. Due to heavy rain in the city, transportation services were disturbed and brokers - traders stayed away from fresh activities.

Good prospects of higher kharif oilseed crops and weak closing of Malaysian palm oil futures weighed on sentiments.

In Mumbai, with a thin volume about 150-200 tonnes in palmolein during the day, activities remained subdued. Rapeseed and cotton oil dropped by Rs 3 and Rs 5 for 10 kg each .

In local market during the day resellers offloaded about 150-200 tonnes of palmolein at Rs 525-526 for ready delivery. Towards the day’s close, Liberty was quoting palmolein at Rs 533 ex JNPT for August and Rs 535 ex Shapur, super palmolein Rs 570 for July-August and super deluxe Rs 590. Ruchi quoted palmolein at Rs 535 for July to September, soyabean refined oil Rs 640 upto September and sunflower refined oil Rs 810 for July-August. Allana was quoting palmolein at Rs 532-535 and super palmolein Rs 570. Gokul’s rates were Rs 535 for palmolein for July.

Soyabean arrivals were about 1-1.10 lakh bags and its prices were Rs 3,300-3,400 ex mandi and Rs 3,450-3,470 for plant delivery. Mustard seeds arrivals were 75,000 bags and the prices were Rs 2,950-3,550.

Malaysia BMD crude palm oil’s August contracts settled lower at MYR 2,346 (MYR 2,355), September at MYR 2,285 (MYR 2,296) and October at MYR 2,258 (MYR 2,272) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg) : groundnut oil 980 (980), soya refined oil 640 (640), sunflower exp. ref. 745 (745), sunflower ref. 805 (805), rapeseed ref. oil 680 (683), rapeseed expeller ref. 650 (653) cottonseed ref. oil 635 (640) and palmolein 525 (525).