04/01/2014 (Hindu Business Line) - Edible oils market ruled flat on Friday on slack demand tracking weak futures markets. Reports that palm oil production in Indonesia, the top producer, increased to 24.4 million tonnes last year dampened the edible oils market. Production in the South-East Asian nation could rise further this year to 28 million tonnes.

Groundnut, soyabean, sunflower, cotton and palmolein ruled unchanged. Rapeseed oil increased by Rs 2 for 10 kg. Thin volume kept sentiment weak.

Towards the day’s close, Liberty was quoting palmolein at Rs 580 for January, super palmolein Rs 600, super deluxe palmolein Rs 620, soyabean refined oil Rs 655 and sunflower refined oil Rs 710. Ruchi quoted palmolein at Rs 578 for January 10, Rs 579 for January 20 and Rs 580 for the whole of January; soyabean refined oil Rs 649 and sunflower refined oil Rs 675 for January.

Allana was quoting palmolein at Rs 578 and Rs 580, super palmolein Rs 620, soyabean refined oil Rs 650 and sunflower refined oil Rs 680. Resellers were quoting palmolein at Rs 572 ex-JNPT.

In Rajkot, groundnut oil declined further by Rs 10 to Rs 1,230 for telia tin and loose (10 kg) by Rs 10 to Rs 780. Soyabean arrivals were 2.25 lakh bags and prices were Rs 3,650-3,850 in Madhya Pradesh and Rs 3,850-3,900 plant delivery. Mustard seed arrivals were 62,000 bags and its prices were Rs 3,225-3,600.

Vikram Global Commodities (P) Ltd quoted Rs 645/10 kg for Malaysia super palmolein January delivery.

Malaysia BMD crude palm oil February contracts ended at MYR 2,630 (MYR 2,639), March MYR 2,640 (MYR 2,649) and April at MYR 2,644 (MYR 2,652).

The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 800 (800), soya refined oil 648 (648), sunflower exp. ref. 630 (630), sunflower ref. 675 (675), rapeseed ref. oil 735 (733), rapeseed expeller ref. 705 (703) cottonseed ref. oil 605 (605) and palmolein 575 (575).