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With crude palm oil prices falling on Bursa Malaysia Derivatives Exchange, refineries in Mumbai cut price of palmolein by ₹6 for 10 kg. The domestic futures market was closed for Good Friday.
Trading in the spot market was lukewarm as traders were cautious.
A broker said that stockists stayed away tracking bearish Malaysian palm oil futures. Slack local demand and options to choose cheaper among edible oils (as prices for most oils prices rule at par with minor gap) forced buyers to prefer only buy on a hand-to-mouth basis. Vikram Global Commodities (P) Ltd quoted ₹635/10 kg for Malaysia super palmolein. Liberty was quoting palmolein at ₹610, Super palmolein ₹630 and Soyabean refined oil ₹662. Ruchi quoted palmolein ₹610, Soyabean refined oil ₹662 and Sunflower refined oil ₹660. Allana was quoting palmolein at ₹609, Soyabean refined oil ₹662 and Sunflower refined oil ₹659. At Rajkot, groundnut oil Telia tin was ₹1,110 and Loose (10 kg) was ₹705.
In Mumbai nominal spot rates (₹/10 kg): groundnut oil 740, soya refined oil 660, sunflower exp. ref. 600, sunflower ref. 655, rapeseed ref. oil 675, rapeseed expeller ref. 645, cottonseed ref. oil 660 and palmolein 610.
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