Edible oil prices slip on stockists selling, subdued demand

NEW DELHI: Edible oil prices fell up to Rs 200 per quintal at the oils and oilseeds market today due to stockists selling on sluggish demand amid a weak global trend.

However, non-edible oils moved in a narrow range in scattered deals and settled around previous levels.

Traders said stockists selling on sluggish demand mainly kept pressure on edible oil prices.

They said weak global trend on concern that near record high stockpiles in Malaysia, the world's second-largest producer further curbed prices.

Meanwhile, palm oil for the contract for May lost 0.6 per cent to USD 767 a tonne on the Malaysia Derivatives Exchange.

In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils fell by Rs 200 each to Rs 12,100 and Rs 8,000 per quintal, respectively.

Cottonseed mill delivery (Haryana) oils also declined by Rs 50 to Rs 7,000 per quintal.

Taking negative cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils declined by Rs 200 each to Rs 7,200 and Rs 6,750, while crude palm oil (ex-kandla) traded lower by the same margin to Rs 7,150 per quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and lost Rs 200 each at Rs 7,300 and Rs 6,800 per quintal, respectively.