26/09/2013 (Hindu Business Line) -  The edible oils market turned weak on Thursday, tracking bearish futures market. A clear weather in Madhya Pradesh, Gujarat and Maharashtra also increased hopes of timely arrivals of kharif oilseeds cropin the market.

However, groundnut oil gained Rs 30 and cotton refined oil by Rs 4 for 10 kg in line with movements in the Saurashtra market. Rapeseed and soyabean refined oil increased by Rs 5 each. Palmolein declined by Rs 2 on increased resale selling pressure. Concern over surging supply of palm oil kept investors on edge.

A bearish futures market also kept stockists away from buying. About 550-600 tonnes of soyabean refined oil at Rs 640-642 were sold by local refineries. Resellers offloaded 80-100 tonnes of palmolein at Rs 564-565.

Liberty quoted palmolein at Rs 568, super palmolein Rs 598 and super deluxe Rs 618, soyabean refined oil Rs 647 and sunflower refined oil Rs 815.

Ruchi quoted palmolein at Rs 568, soyabean refined oil Rs 645 and sunflower refined oil Rs 800. Allana quoted palmolein at Rs 568, super palmolein Rs 600, soyabean refined oil Rs 645 and sunflower refined oil Rs 815. Gokul quoted palmolein at Rs 570. In Rajkot, groundnut oil shot up by Rs 35 to Rs 1,320 (Rs 1,285) for telia tin and loose (10 kg) at Rs 850 (Rs 825). New soyabean arrivals were one lakh bags and its prices were Rs 3,250-3,450 ex mandi and Rs 3,475-3,550 for plant delivery.

Malaysia BMD crude palm oil’s October futures settled lower at MYR 2,310 (MYR 2,324), November declined to MYR 2,272 (MYR 2,299) and December at MYR 2,267 (MYR 2,294).

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 870 (840), soya refined oil 640 (635), sunflower exp. ref. 740 (725), sunflower ref. 795 (795), rapeseed ref. oil 715 (710), rapeseed expeller ref. 685 (680) cottonseed ref. oil 664 (660) and palmolein 565 (567).

Vikram Global Commodities (P) Ltd has quoted Rs 617 for 10 kg - for Malaysia super palmolein for October delivery.