05/06/2014 (Hindu Business Line) - The sentiment in the edible oils market improved on Wednesday after a sharp bounce back in the futures market towards the end of the day. In the Bombay Commodity Exchange, most edible oils registered a drop of ₹2-5 for 10 kg, as local refineries reduced their rates for palmolein and soya oil, tracking the overnight bearish trend in the overseas markets. But with Malaysian palm oil futures rebound and local demand improving, the sentiment turned positive at the end of the day.

During the day, local refineries managed to sell about 3000 tonnes of palmolein and 250-300 tonnes of soyabean refined oil. During the day, Liberty and Ruchi together sold about 2,800-3,000 tonnes of palmolein at ₹553-555. Ruchi also sold 250-300 tonnes of soyabean refined oil at ₹630. Towards the day’s close, Liberty was quoting palmolein at ₹555; super palmolein at ₹570; and soyabean refined oil at ₹650 for July 10.

Vikram Global Commodities, Chennai, quoted ₹605 for 10kg Malaysian super palm oil to be delivered in June.

Ruchi was quoting palmolein at ₹557 and soyabean refined oil at ₹632. Allana was quoting palmolein at ₹557-559 ex-JNPT/Khapoli; soyabean refined oil at ₹648; and sunflower refined oil at ₹660.

In Saurashtra Groundnut oil Telia tin declined by ₹15 to ₹1055 (₹1070).Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil 730 (735), soya refined oil 653 (655), sunflower exp. ref. 570 (575), sunflower ref. 660 (660), rapeseed ref. oil 664 (665), rapeseed expeller ref. 634 (635) cottonseed ref. oil 630 (632) and palmolein 550 (553).