Edible oils remain weak on sluggish demand, global cues

NEW DELHI: Edible oils prices fell further by Rs 50 per quintal on the wholesale oils and oilseeds market on Friday due to sluggish demand from vanaspati units and retailers amid a weakening global trend.

However, non-edible oils held steady in scattered deals. Traders said weak demand from millers as well as retailers and weak trend overseas on speculations that declining exports may keep inventories at near record high in Malaysia, the largest producer after Indonesia, mainly kept pressure on edible oil prices.

Meanwhile, palm oil for the contract for May delivery dropped 1.1 per cent to $ 766 a tonne on the Malaysia Derivatives Exchange.

In the national capital, Sesame and cottonseed mill delivery (Haryana) oils declined by Rs 50 each to Rs 11,200 and Rs 7,050 per quintal, respectively.

Tracking a weak global trend, palmolein (rbd) and palmolein (kandla) oils fell further by Rs 50 each at Rs 7,500 and Rs 7,000, while crude palm oil (ex-kandla) traded lower by the same margin to Rs 7350 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and shed Rs 50 each at Rs 7,400 and Rs 6,950 per quintal respectively.