Bearish trend in cooking oils

Edible oils market witnessed a bearish trend on higher selling pressure amid weak futures. On the BCE, groundnut oil and cotton oil declined by ₹80 and ₹5 each. Palmolein eased by ₹2. Sources said as stockists have bought enough quantity recently they stayed away from fresh bets. Arrival of new crops is increasing and that is putting pressure on indigenous edible oils. Allana’srates: palmolein ₹595, soya refined oil ₹680 and sunflower refined oil ₹735. At Rajkot, groundnut oil telia tin crashed to ₹1,450 (1,600) and loose (10 kg) declined by ₹100 to ₹925. BCE spot rates (₹/10 kg): groundnut oil 1,020 (1,100), soya ref. 670 (670), sunflower exp. ref. 670 (670), sunflower ref. 725 (725), rapeseed ref. 860 (860), rapeseed exp. ref. 830 (830), cottonseed ref. 730 (735) and palmolein 583 (585).