23/05/2014 (Hindu Business Line) - The sentiment in the edible oils markets improved on Thursday on back of firm futures market and fresh demand at the lower level. Local refineries reduced their rates for palmolein and soya oil by ₹3-5 for 10 kg, as the rupee continued to recover making imports cheaper.

On the Bombay Commodity Exchange, barring groundnut and cotton oil which ruled steady tracking calm Saurashtra markets all other edible oils declined by ₹5-6/10 kg. During the day Liberty sold about 200-250 tonnes of palmolien at ₹585. Ruchi and Allana both have offloaded about 450-500 tonnes of palmolein at ₹580. Liberty was quoting palmolein at ₹585, super palmolein ₹603 and soyabean refined oil ₹670. Ruchi was quoting palmolein at ₹582. Allana was quoting palmolein ₹580-585 ex JNPT/Khapoli, soyabean refined oil ₹672 and sunflower refined oil ₹675. In Saurashtra, groundnut oil Telia tin ruled steady at ₹1,100 and loose (10 kg) at ₹690. Malaysia BMD crude palm oil June contract settled higher at MYR 2,550 (MYR 2,542) and July MYR 2,531 (MYR 2,518) and August MYR 2,522 (MYR 2,505).

BCE spot rates (₹/10 kg): groundnut oil 750 (750), soya refined oil 665 (670), sunflower exp. ref. 595 (600), sunflower ref. 670 (670), rapeseed ref. oil 680 (686), rapeseed expeller ref. 650 (656) cottonseed ref. oil 655 (655) and palmolein 580 (585).