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Edible oils market witnessed a bearish trend with palmolein dropping below ₹500/10 kg tracking weak futures amid need-based thin physical demand. Local refineries lowered their rates for imported palmolein and soya oil by ₹2-5.
On the Bombay Commodity Exchange, soya, rapeseed and cotton oil declined by ₹2 each, palmolein dropped by ₹4 and sunflower expeller refined eased by ₹5.
Sources said due to rain and tracking weak futures stockists stayed away from fresh buys. Liberty was quoting palmolein at ₹508 JNPT, super palmolein ₹536 and soyabean refined oil ₹593. Ruchi’s rates: palmolein ₹503/505, soyabean refined oil ₹587, sunflower refined oil ₹685. Allana traded palmolein for ₹516 JNPT, super palmolein ₹535, soyabean refined oil ₹587, sunflower oil ₹695. In Saurashtra-Rajkot, groundnut oil Telia tin was at ₹1,560 (1,550) and loose (10 kg) was flat at ₹1,000.
BCE spot rates (₹/10 kg): groundnut oil 950 (950), soya refined 588 (590), sunflower exp. ref. 625 (630), sunflower ref. 685 (685), rapeseed ref. oil 870 (872), rapeseed exp. ref. 840 (842), cottonseed ref. oil 608 (610) and palmolein 501 (505).
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