01/11/2011 (The Hindu Business Line) - Except for rapeseed oil that rose by Rs 2 for 10 kg, edible oils declined by Re 1-10 on Monday on lower demand after Diwali.

Groundnut oil lost Rs 5, tracking weak reports from Saurashtra, while palmolein fell by Re 1 and soya oil Rs 5 in line with bearish Malaysian palm oil futures. Cotton oil eased by Rs 4, sunflower expeller refined dropped by Rs 10 and sunflower refined oil was down by Rs 5. Weaker soya oil on the Chicago Board of Trade and declining Nymex crude oil futures pulled crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) Exchange. In Saurashtra, groundnut oil shaved off Rs 20 as arrivals of new crops is expected to rise in coming days. Oil millers started full-fledged crushing on Monday. In the local market, volumes were negligible as demand is usually poor at the month-end. Resellers sold palmolein at Rs 534-535. Liberty offered palmolein at Rs 535-536 for November delivery and soya refined oil for Rs 628. Ruchi quoted palmolein at Rs 532 and soya refined oil at Rs 622. Allana offered palmolein at Rs 535 for delivery between November 15 and 25. In Saurashtra and Rajkot, while a telia tin of groundnut oil declined to Rs 1,295 (Rs 1,315), loose (10 kg) dropped to Rs 835 (Rs 850). Cotton (wash) sold at Rs 620. Nearly 4.5 lakh bags of soyabean arrived in Madhya Pradesh about 1 lakh bags of groundnut oil arrived in Saurashtra.

Malaysia's BMD CPO's November contracts settled at MYR2,942 (MYR2,971), December at MYR2,944 (MYR2,973) and January at MYR2,938 (MYR2,971) a tonne. Soya oil for November delivery settled lower at Rs 621 (Rs 625) while December settled at Rs 616.80 (Rs 622) on the National Board of Trade in Indore.

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 860 (865), soya refined oil 625 (630), sunflower exp. ref. 645 (655), sunflower ref. 705 (710), rapeseed ref. oil 710 (708), rapeseed expeller ref. 680 (678), cotton ref. oil 631 (635) and palmolein 534 (535).