Edible oils fall on sluggish demand, global cues
Edible oil prices declined in the wholesale oils and oilseeds market during the past week, on sluggish demand at existing higher levels.
By PTI |
New Delhi: Edible oil prices declined in the wholesale oils and oilseeds market during the past week, on sluggish demand at existing higher levels amid a weakening global trend.
Few oils in the non-edible section also declined on reduced industrial offtake.
Trade sentiments turned bearish as palm oil dropped 8.1 per cent on the Malaysian Derivatives Exchange this week.
Traders said sluggish demand at prevailing higher levels in tandem with a weak trend overseas, mainly pulled down the edible oil prices.
Reduced offtake by consuming industries against adequate stocks put pressure on select non-edible oil prices, they added.
In the edible section, palmolein (kandla) and palmolein (rbd) oils plunged by Rs 210 and Rs 160 to Rs 5,560 and Rs 5,810 per quintal, respectively, on weak global trend.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) fell by Rs 200 and Rs 120 to Rs 6,100 and Rs 5,800 per quintal, respectively.
Similarly, crude palm oil (ex-kandla) lost Rs 170 to Rs 5,250 per quintal.
Cottonseed mill delivery (Haryana) and mustard expeller oils also moved down by Rs 130 and Rs 70 to Rs 5,650 and Rs 5,850 per quintal, respectively.
Mustard pakki and kachi ghani oils traded lower by Rs 10 each to Rs 765-920 and Rs 920-1020 per tin, respectively.
Sesame mill delivery oil shed Rs 20 to Rs 6,380 per quintal.
In the non-edible oil section, linseed oil lost Rs 50 to Rs 4,600 per quintal on lack of demand from the paint industry.
Likewise, castor and neem oils also declined by Rs 50 each to Rs 8,650-8,750 and Rs 4,050-4,150 per quintal, respectively, on reduced industrial offtake.
Few oils in the non-edible section also declined on reduced industrial offtake.
Trade sentiments turned bearish as palm oil dropped 8.1 per cent on the Malaysian Derivatives Exchange this week.
Traders said sluggish demand at prevailing higher levels in tandem with a weak trend overseas, mainly pulled down the edible oil prices.
Reduced offtake by consuming industries against adequate stocks put pressure on select non-edible oil prices, they added.
In the edible section, palmolein (kandla) and palmolein (rbd) oils plunged by Rs 210 and Rs 160 to Rs 5,560 and Rs 5,810 per quintal, respectively, on weak global trend.
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Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) fell by Rs 200 and Rs 120 to Rs 6,100 and Rs 5,800 per quintal, respectively.
Similarly, crude palm oil (ex-kandla) lost Rs 170 to Rs 5,250 per quintal.
Cottonseed mill delivery (Haryana) and mustard expeller oils also moved down by Rs 130 and Rs 70 to Rs 5,650 and Rs 5,850 per quintal, respectively.
Mustard pakki and kachi ghani oils traded lower by Rs 10 each to Rs 765-920 and Rs 920-1020 per tin, respectively.
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Sesame mill delivery oil shed Rs 20 to Rs 6,380 per quintal.
In the non-edible oil section, linseed oil lost Rs 50 to Rs 4,600 per quintal on lack of demand from the paint industry.
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Likewise, castor and neem oils also declined by Rs 50 each to Rs 8,650-8,750 and Rs 4,050-4,150 per quintal, respectively, on reduced industrial offtake.
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