Edible oils soften on global cues
Wholesale prices of select edible oils lost up to Rs 100 per quintal in the national capital on stockists selling, triggered by weak trend in Malaysian palm oil.
By PTI |
NEW DELHI: Wholesale prices of select edible oils on Monday lost up to Rs 100 per quintal in the national capital on stockists selling, triggered by weak trend in Malaysian palm oil.
Soyabean refined mill delivery and soyabean degum (Delhi) oils fell Rs 50 each at Rs.7,200 and Rs 7,000 per quintal respectively.
Palm oil (RBD) oil fell by Rs 50 at Rs 7,200 per quintal, while crude palm oil (ex-kandla) down by Rs 10 at Rs 5160 per quintal.
"Apart from subdued Malaysian palm oil, slowdown in demand at higher levels also attributed fall in select edible oil prices", said a wholesale edible oil trader here.
Trading sentiments were dampened after palm oil in Malaysia, the global benchmark, fell for the second day as decline in crude and rival soybean oil adversely affected the demand outlook for bio-fuels.
Palm oil is a substitute for soybean oil, and vegetable oils often follow crude oil prices as they can be used in alternative fuels.
Palm oil for September delivery declined 58 ringgit, 1.6 per cent, to 3,572 ringgit (1,093 US dollar) a metric ton on the Malaysia Derivatives Exchange.
Groundnut and cottonseed mill delivery oils were down by Rs.50 each at Rs 7,200 and Rs 6,450 per quintal respectively.
Soyabean refined mill delivery and soyabean degum (Delhi) oils fell Rs 50 each at Rs.7,200 and Rs 7,000 per quintal respectively.
Palm oil (RBD) oil fell by Rs 50 at Rs 7,200 per quintal, while crude palm oil (ex-kandla) down by Rs 10 at Rs 5160 per quintal.
"Apart from subdued Malaysian palm oil, slowdown in demand at higher levels also attributed fall in select edible oil prices", said a wholesale edible oil trader here.
Trading sentiments were dampened after palm oil in Malaysia, the global benchmark, fell for the second day as decline in crude and rival soybean oil adversely affected the demand outlook for bio-fuels.
Palm oil is a substitute for soybean oil, and vegetable oils often follow crude oil prices as they can be used in alternative fuels.
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Palm oil for September delivery declined 58 ringgit, 1.6 per cent, to 3,572 ringgit (1,093 US dollar) a metric ton on the Malaysia Derivatives Exchange.
Groundnut and cottonseed mill delivery oils were down by Rs.50 each at Rs 7,200 and Rs 6,450 per quintal respectively.
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