Palmolein oil declines on low demand, global cues

NEW DELHI: Prices of palmolein oil fell by Rs 50 per quintal on the wholesale oils and oilseeds market today on sluggish demand amid a weak global trend.

However, other edible and non-edible oils held steady on scattered demand.

Traders said sluggish demand at prevailing higher levels and a weak global trend mainly influenced palmolein oil prices.

Meanwhile, palm oil for the contract for delivery in January slid 0.7 per cent to $777 a metric tonne on the Malaysia Derivatives exchange.

In the national capital, palmolein (rbd) and palmolein (Kandla) oils declined by Rs 50 each to Rs 6,250 and Rs 5,850 per quintal, respectively.