10/11/2011 (The Hindu Business Line) - Edible oil weakened on Wednesday on lack of new demand and mounting pressure of higher arrivals of seeds at producing centres.

Groundnut oil lost Rs 5 a quintal while rapeseed oil declined by Rs 4 a quintal. Soya oil, sunflower oil and cotton oil were unchanged. Palmolein rose in the open market after local refineres increased prices by Rs 2-5. Volume was very low due to lack of demand, said a wholesaler. Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) Exchange fell as investor booked profits on Eurozone concerns.

Resellers sold palmolein at Rs 535. Liberty offered palmolein at Rs 540-541 for November delivery, super palmolein at Rs 570 and soya refined oil at Rs 616. Ruchi quoted palmolein at Rs 536 for November delivery, soya refined oil at Rs 611and sunflower refined oil at Rs 671 for delivery between November 20 and 30. Allana offered palmolein at5 Rs 538 for delivery between November 20 and 30. Mewah quoted palmolein at Rs 536 and super palmolein at Rs 566 for delivery between November 23 and 30. In Saurashtra and Rajkot, groundnut oil declined by Rs 5 to Rs 1,280 for a telia tin and to Rs 830 for loose (10 kg). Cotton wash oil was down to Rs 590 from Rs 602.

Malaysia's BMD CPO's December contracts closed at MYR3,038 (MYR3,050) and January at MYR3,034 (MYR3,045) a tonne. Soya oil for November delivery closed lower at Rs 620.80 (Rs 622) while December settled at Rs 617 (Rs 616) on National Board of Trade in Indore.

Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil — 840 (845), soya refined oil — 605 (605), sunflower exp. ref. — 620 (620), sunflower ref. — 680 (680), rapeseed ref. oil — 696 (700), rapeseed expeller ref. — 666 (670), cotton ref. oil — 605 (605) and palmolein — 533 (530).