Edible oils remain down on weak global cues
Edible oils fell by up to Rs 200 on Wednesday in the national capital on a fall in demand from vanaspati units and retailers.
By PTI |
NEW DELHI: Edible oils fell by up to Rs 200 on Wednesday in the national capital on a fall in demand from vanaspati units and retailers.
Mustard expeller and cottonseed mill delivery oils plunged by Rs 200 each at Rs 6,380 and Rs 5,200 per quintal, respectively. Mustard pakki and kachi ghani oils followed the suit and shed Rs 15 each to Rs 705-870 and Rs 870-945 per tin of 15 litres, respectively.
Trading sentiments turned weak as palm oil futures in Malaysia, the global benchmark, fell for the fourth day, as rival soyabean oil declined, reducing demand for the commodity as a substitute in fuel and cooking.
Palm oil, the world's most consumed vegetable oil, competes with soyabean oil in use for cooking oil and biofuel. Soyabean oil fell for a second day to trade at 48.65 cents a pound.
Meanwhile, palm oil for the November delivery fell 1.5 per cent to 2,319 ringgit (670 US dollar) a metric ton in Kuala Lumpur.
Soyabean refined mill delivery oil lost Rs 50 at Rs 6,100 per quintal while crude palm oil (ex-kandla) lost Rs 100 at Rs 3,550 per quintal. Palmolein (rbd) fell by Rs 50 at Rs 4,900 per quintal.
Mustard expeller and cottonseed mill delivery oils plunged by Rs 200 each at Rs 6,380 and Rs 5,200 per quintal, respectively. Mustard pakki and kachi ghani oils followed the suit and shed Rs 15 each to Rs 705-870 and Rs 870-945 per tin of 15 litres, respectively.
Trading sentiments turned weak as palm oil futures in Malaysia, the global benchmark, fell for the fourth day, as rival soyabean oil declined, reducing demand for the commodity as a substitute in fuel and cooking.
Palm oil, the world's most consumed vegetable oil, competes with soyabean oil in use for cooking oil and biofuel. Soyabean oil fell for a second day to trade at 48.65 cents a pound.
Meanwhile, palm oil for the November delivery fell 1.5 per cent to 2,319 ringgit (670 US dollar) a metric ton in Kuala Lumpur.
Soyabean refined mill delivery oil lost Rs 50 at Rs 6,100 per quintal while crude palm oil (ex-kandla) lost Rs 100 at Rs 3,550 per quintal. Palmolein (rbd) fell by Rs 50 at Rs 4,900 per quintal.
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