06/10/2016 (Hindu Business Line) - Imported Palm and soya oil kept edible oils market bearish here on Wednesday. Lack of physical demand, sharp decline in Malaysian futures and heavy price reduction by refineries has crashed Palmolein by Rs10, sunflower and cotton oil by Rs5 each on BCE. Groundnut oil jumped by Rs30 as prices in Saurashtra continued up trend on ease arrivals of new crops due to heavy rains taking total rise of Rs150 for 10 kgs in just four days.

Sources said bearish reports from overseas and as stockiest preferred to stay away from fresh bulk buys. Volume remained very thin and isolated. During the day hardly 150 – 200 tons of palmolein was resold at Rs. 572 – Rs573. Local refineries have cut their price for palmolein drastically in line with international market and import parity.

Liberty’s rates unchanged for Palmolein ex Ghatkopar / Shapur were Rs585/ Rs586 for Oct. Super palmolein at Rs596 for Oct. Soyabean refined oil ex Shapur Rs651 for Oct.

Ruchi was quoting Palmolein Rs581 ex Patalganga for 15 Oct.

Allana’s rates were for Palmolein Ex Khopoli Rs585 for 29 Oct. Soya refined oil Rs655 up to 29 Oct. Sunflower refined oil Rs725 up to 29 Oct.

Golden agri was quoting palmolein at Rs575 for 15 Oct. and Rs570 for 16-30 Oct.

In Rajkot, groundnut oil Telia Tin jumped by Rs90 to Rs2020 (Rs1930) and Loose (10 kgs) increased by Rs50 to Rs1300 (Rs1250).

On National Commodities and Derivatives Exchange Soyabean refined oil Oct-16 futures was Rs648.80 (647.90), Nov-16 was Rs653.50 (Rs.653.10) and Dec -16 was at Rs656.90 (Rs.656.30) at 4.45 PM.

Malaysian crude palm oil Oct.16 futures settled lower at MYR 2700 (MYR 2743), Nov-16 at MYR 2601 (MYR 2648) and Dec.16 at MYR 2556 (MYR 2600).

On The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 1260 (1230), soya refined oil 650 (650), sunflower exp. ref. 660 (665), sunflower ref. 715 (720), rapeseed ref. oil 870 (870), rapeseed expeller ref. 840 (840), cottonseed ref. oil 710 (715) and Palmolein 578 (588).