Edible oils slide on sluggish demand, global cues

NEW DELHI: Select edible oil prices fell by Rs 50 per quintal on the wholesale oils and oilseeds market today owing to slackened demand at prevailing higher levels amid a weak global trend.

However, non-edible oils continued to trade at previous levels in restricted activity.

Traders said slackened demand at prevailing higher levels amid a weak global trend on speculation that a rally to the highest level in almost three months was overdone, mainly influenced the sentiment.

Meanwhile, palm oil for the contract for September delivery dropped 0.8 per cent to 775 dollar a metric tonne on the Bursa Malaysia Derivatives.

In the national capital, mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils shed Rs 50 each to Rs 6,600 and Rs 6,200 per quintal respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also declined by Rs 50 each to Rs 7,500 and Rs 7,100 per quintal respectively on weak global cues.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and traded lower by the same margion to Rs 5,750 and Rs 5,350 per quintal respectively.