Edible oils remain weak on subdued demand

NEW DELHI: Edible oils remained under pressure for the second straight day with prices falling up to Rs 100 per quintal on the wholesale oils and oilseeds market today on subdued demand amid a weak global trend.


However, non-edible oils held steady in restricted deals. Traders said subdued demand amid a weak global trend mainly put pressure on edible oil prices.

Traders said sentiments dampened after crude oil declined in the global market, reducing the appeal of vegetable oils as biofuel feedstock.

Meanwhile, palm oil for the contract for August dropped 0.5 per cent to USD 777 a tonne on the Bursa Malaysia Derivatives.

In the national capital, mustard expeller oil (Dadri) declined by Rs 100 to Rs 6,700 per quintal. Mustard pakki and kachi ghani oils traded lower by Rs 20 each to Rs 1,270-1,350 and Rs 1,355-1,455 per tin.

Taking negative cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils fell further by Rs 100 each to Rs 7,500 and Rs 7,100, while crude palm oil (ex-kandla) traded lower by the same margin to Rs 4,850 per quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils also slide by Rs 100 each at Rs 5,750 and Rs 5,350 per quintal, respectively.