Edible oils slide on sluggish demand, global cues

NEW DELHI: Edible oil prices slide up to Rs 200 per quintal on the wholesale oils and oilseeds market today on sluggish demand amid a weak global trend.

Neem oil in the non-edible section, also eased on reduced industrial offtake.

Traders said sluggish demand amid a weak global trend mainly kept pressure on edible oil prices.

Meanwhile, palm oil for the contract for July delivery fell one per cent to USD 752 a tonne, the lowest since December 13 on the Malaysia Derivatives.

In the national capital, palmolein (rbd) and palmolein (Kandla) oils fell by Rs 200 each to Rs 5,800 and Rs 5,300, while crude palm oil (ex-kandla) traded lower by the same margin to Rs 5,400 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also lost Rs 100 each to Rs 7,200 and Rs 6,750 per quintal, respectively.

Groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils moved down by Rs 200 and Rs 100 to Rs 10,600 and Rs 6,450, while cottonseed mill delivery (Haryana) traded lower by Rs 100 to Rs 6,100 per quintal, respectively.

In the non-edible section, neem oil declined by Rs 50 to Rs 4,900-5,000 per quintal.