MARKET DEVELOPMENT
Edible Oils Rule Flat on Lack of Buying
Edible Oils Rule Flat on Lack of Buying
17/05/2014 (Hindu Business Line) - Baring palmolein, which lost ₹4 for 10 kg, all other edible oil prices ruled unchanged on lack of demand amid weak Malaysian palm oil futures.
The volume was almost nil as traders stayed away from routine activities in view of election results.
Following weak Malaysian palm oil market and bearish Chicago soya oil projections, local refineries reduced their rates for palmolein by ₹1-5 but were not able to get any response from buyers.
Liberty was quoting palmolein at ₹600, super palmolein ₹615 and soyabean refined oil ₹675.
Allana was quoting palmolein ₹600, soyabean refined oil ₹674 and sunflower refined oil ₹672. Groundnut oil Telia tin ruled steady at ₹1,115 and loose (10 kg) at ₹705.
Bombay Commodity Exchange spot rates (₹/10 kg): groundnut oil 760 (760), soya refined oil 670 (670), sunflower exp. ref. 610 (610), sunflower ref. 670 (670), rapeseed ref. oil 695 (695), rapeseed expeller ref. 665 (665) cottonseed ref. oil 665 (665) and palmolein 593 (597).
The volume was almost nil as traders stayed away from routine activities in view of election results.
Following weak Malaysian palm oil market and bearish Chicago soya oil projections, local refineries reduced their rates for palmolein by ₹1-5 but were not able to get any response from buyers.
Liberty was quoting palmolein at ₹600, super palmolein ₹615 and soyabean refined oil ₹675.
Allana was quoting palmolein ₹600, soyabean refined oil ₹674 and sunflower refined oil ₹672. Groundnut oil Telia tin ruled steady at ₹1,115 and loose (10 kg) at ₹705.
Bombay Commodity Exchange spot rates (₹/10 kg): groundnut oil 760 (760), soya refined oil 670 (670), sunflower exp. ref. 610 (610), sunflower ref. 670 (670), rapeseed ref. oil 695 (695), rapeseed expeller ref. 665 (665) cottonseed ref. oil 665 (665) and palmolein 593 (597).