Palmolein, soyabean oils slide on lower global trend

NEW DELHI: Amid weak global trend and sluggish domestic demand, prices of palmolein and soyabean fell by Rs 50 per quintal on the wholesale oils and oilseeds market today.

However, non-edible oils held steady in restricted activity.

Traders said sluggish demand amid a weak global trend on speculation that last week's rally in the bull market will curb importers' demand, mainly led to decline in palmolein and soyabean oil prices.

Meanwhile, palm oil for delivery in January declined 0.8 per cent to $805 dollar a tonne, the lowest level since October 31 on the Malaysia Derivatives Exchange.

In the national capital, palmolein (rbd) and palmolein (Kandla) oils declined by Rs 50 each to Rs 6,450 and Rs 6,050 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils traded lower by the same margin to Rs 7,350 and Rs 7,050 per quintal, respectively.