Edible oils declined on Monday tracking weak local and global futures markets.
Palmolein, soya refined oil, rapeseed oil and cotton oil fell by Rs 3-7 for 10 kg in the local market. Groundnut oil and sunflower oil ruled steady despite weak sentiment at producing centres because of increased new arrivals. Crude palm oil (CPO) futures on Bursa Malaysia Derivatives (BMD) fell to the lowest since October 8, 2010, mirroring sharp falls in soya futures on Chicago Board of Trade. Need-based buying by stockists in the ready market kept volumes low in Mumbai. Local refiners reduced prices of palmolein and soya oil, in line with foreign markets. A refiner sold 300-350 tonnes of soyabean oil and about 200-250 tonnes of palmolein at reduced rates. Resellers traded 70-80 tonnes of palmolein at Rs 530.
Liberty offered palmolein at Rs 533 and soya oil at Rs 620. Ruchi quoted palmolein at Rs 530 and soya refined oil at Rs 615. Allana offered palmolein at Rs 533. In Rajkot and Saurashtra, groundnut oil declined by Rs 10 at Rs 1,285 for a telia tin and by Rs 5 to Rs 830 for loose (10 kg).
Malaysia's BMD CPO November contracts settled at MYR2,860 (MYR2,904), December at MYR2,845 (MYR2,905) and January at MYR2,850 (MYR2,895) a tonne. Soya oil for October delivery closed at Rs 614.90 (Rs 608.20) and at Rs 593.80 (Rs 595) for November delivery.
