27/03/2014 (Hindu Business Line) - Imported palmolein and soyabean refined oil declined by ₹3 and ₹2 for 10 kg each on Wednesday tracking bearish Malaysian palm oil amid slack physical demand. Cotton and rapeseed oil dropped by ₹10 and ₹2 each following rising arrivals of mustard seeds. Groundnut and sunflower oil ruled unchanged. A broker told Business Line, “Activities remained thin as stockists preferred to fulfil their buy commitments made in advance and kept away from fresh risks tracking bearish overseas markets. Local refineries have kept their rates unchanged while resellers were offering at a lower price. Recent recovery in rupee has made import cheaper but higher oilseeds production this year limited the imports which may support the market in coming days” he said.

Vikram Global Commodities (P) Ltd quoted ₹650/10 kg for Malaysia super palmolein March delivery. Liberty was quoting palmolein at ₹630, super palmolein ₹650 and soyabean refined oil ₹670. Ruchi quoted palmolein at ₹630 and sunflower refined oil ₹690. Allana was quoting palmolein at ₹630, soyabean refined oil ₹670 and sunflower refined oil ₹700.

At Rajkot, groundnut oil telia tin ruled flat at ₹1,160 and loose (10 kg) at ₹740.

Malaysia BMD crude palm oil’s futures April contracts settled at MYR 2,770 (MYR 2,797), May at MYR 2,709 (MYR 2,739) and June MYR 2,691 (MYR 2,711).

Bombay Commodity Exchange spot rates (₹/10 kg): groundnut oil 770 (770), soya refined oil 668 (670), sunflower exp. ref. 650 (650), sunflower ref. 695 (695), rapeseed ref. oil 700 (710), rapeseed expeller ref. 670 (680) cottonseed ref. oil 665 (667) and palmolein 622 (625).