09/01/2012 (Hindu Business Line) - Prices of palmolein along with other indigenous oils fell on Friday. Palmolein dropped by Re 1, cottonseed refined oil declined by Rs 3 and groundnut oil fell by Rs 5 for 10 kg, while rapeseed refined oil, soya refined oil and sunflower refined oil remained unchanged.

In the absence of fresh demand, volumes were very thin. Foreign markets were range-bound with Malaysian palm oil futures closing higher at the end of the day erasing initial loses. In line with the weak trend in foreign markets, local refineries reduced their palmolein rates by Rs 2-Rs 3 but profit booking by resellers at further lower rates for ready and forward delivery kept prices under check. . About 150–200 tonnes of palmolein was traded in the range of Rs 603–Rs 609. In Mumbai, resellers rates for palmolein was Rs 608–Rs 610. Liberty was quoting Rs 610-Rs 612 for January and Rs 608 for February delivery. Super palmolein was Rs 635 for January. Ruchi was quoting palmolein at Rs 604 for February–March. Allana's palmolein was Rs 605. In Saurashtra–Rajkot, cottonseed oil dropped to Rs 633-Rs 635 and Groundnut oil declined to Rs 1,590 (Rs 1,610) for Telia tin and Rs.1,030 (Rs1,050) for loose-10kg.

Malaysian crude palm oil for January and February delivery settled at MYR3,216 (MYR3,200) and March at MYR3,211 (MYR3,191).

Bombay Commodity Exchange spot rates were(Rs/10 kg): Groundnut oil 1,015 (1,020), soya refined oil 705 (705), sunflower exp. ref. 665 (665), sunflower ref. 735 (735), rapeseed ref. oil 840 (840), rapeseed expeller ref. 810 (810), cottonseed ref. oil 665 (668) and palmolein 607 (608).