The edible oils market turned bearish on Tuesday on the back of slack physical demand. Malaysian palm oil bounced back from lower levels but closed lower. Domestic NCDEX soya oil futures closed higher, snapping initial losses. On the Bombay commodity exchange rapeseed, cottonseed oil and palmolein declined by ₹2, ₹2 and ₹3 each for 10 kg. Groundnut oil increased by ₹5 tracking the firm Saurashtra market where it jumped by ₹25. Soya and sunflower oil were unchanged. Local refineries have quoted imported oils ₹2-Rs3 lower.

In palmolein, traders kept away from fresh orders and concentrated on taking deliveries of old contracts. During the day hardly 300-350 tonnes of Palmolein were resold at ₹505–512. The indigenous edible oils market was quiet.

At the end of the day, Liberty was quoting palmolein ₹513 JNPT, ₹515 STC and ₹516 Shahpur for June. Super palmolein was ₹541 for June and soyabean refined oil ₹603 for June.

Ruchi was quoting palmolein ₹512 JNPT for June and ₹515 Patalganga for 20 June; Soyabean refined oil ₹601 for 12 June – July; sunflower refined oil was ₹701for June and ₹705 for July.

Allana was quoting palmolein ₹513 JNPT for 10-25 June and ₹516 Khapoli for 15-30 June; super palmolein ₹545 for 30 June; soyabean refined oil ₹601for July and sunflower oil ₹705 for June.

In Saurashtra – Rajkot, groundnut oil Telia tin jumped to ₹1,560 (₹1,510) and loose (10 kgs) increased to ₹1,000 (₹975).

On the Bombay Commodity Exchange spot rates (₹/10 kg) were: groundnut oil 950 (945), soya refined oil 600 (600), sunflower exp. ref. 645 (655), sunflower ref. 700 (700), rapeseed ref. oil 878 (880), rapeseed expeller ref. 848 (850) cottonseed ref. oil 608 (610) and Palmolein 508 (511).

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