29/11/2011 (Hindu Business Line) - Palmolein and groundnut oil was unchanged despite lack of demand on Monday. Sunflower fell by Rs 5 for 10 kg, cotton oil by Rs 4 for 10 kg and rapeseed oil by Rs 2 for 10 kg on seasonal higher arrivals. Soya refined oil rose by Re 1. Demand is generally low during month-ends.

Malaysian markets were closed for a public holiday. A stronger dollar against the rupee continues to weigh on local edible oils markets as refiners increase prices of imported oils in step with the greenback, a wholesaler said. In contrast, resellers reduced prices to fulfil old orders, leading to a difference of more than Rs 12 between the prices quoted by refiners and resellers. Local prices may fall on weak global cues but dipping arrivals and strong demand during the marriage season will cap losses.

A broker said resellers traded 100-150 tonnes of palmolein in the physical market at Rs 564-565. Refiners sold 300-350 tonnes of palmolein for delivery between December 1 and 10. Weak reports from producing centres discouraged buyers to place new orders for sunflower, cotton and groundnut oils. Liberty offered palmolein at Rs 580-582, super palmolein at Rs 595 and soya refined oil at Rs 624. Ruchi quoted palmolein at Rs 577, soya refined oil at Rs 621 and sunflower refined oil at Rs 688. Allana offered palmolein at Rs 578 for delivery between December 1 and 10. In Saurashtra and Rajkot, a telia tin of groundnut oil and loose (10 kg) were unchanged at Rs 1,275 and Rs 835.

Soya oil for December delivery closed at Rs 641.40 (Rs 638.70) while for January closed at Rs 650 (Rs 645.50) on the National Board of Trade in Indore. On Friday, crude palm oil's December contracts on the Bursa Malaysia Derivatives Exchange contracts settled at MYR3,070 and January at MYR3,067 a tonne.

Bombay Commodity Exchange spot prices (Rs/10 kg): groundnut oil — 850 (850); soya refined oil — 622 (621); sunflower exp. ref. — 635 (640); sunflower ref. — 695 (700); rapeseed ref. oil — 718 (720); rapeseed expeller ref. — 688 (690); cotton ref. oil — 605 (609); and palmolein — 568 (568).