Select edible oils decline on weak global cues
The wholesale edible oils fell on Saturday by up to Rs 100 per quintal in the national capital on stockists selling, triggered by weakening trend in global markets.
By PTI |
NEW DELHI: The wholesale edible oils fell on Saturday by up to Rs 100 per quintal in the national capital on stockists selling, triggered by weakening trend in global markets.
Palmoline (RBD) and crude palm oil (ex-kandla) faced selling pressure from stockists and lost by Rs 50 and Rs 100 at Rs 5,600 and Rs 4,380 per quintal, respectively. Selling pressure gathered momentum after reports that Palm oil in Malaysia continued to slide amid concern that increased supplies from the biggest producers of the vegetable oils would damp prices.
Palm oil futures for October delivery dropped 100 ringgit, or 3.3 per cent, to 2,950 ringgit ($904) a tonne on the Malaysia Derivatives Exchange as drop in crude oil prices reduced the appeal of biofuels made from vegetable oils.
At wholesale market here, cotton seed mill delivery oil also lost Rs 100 at Rs 5,950 per quintal. However, mustard expeller oil recovered by Rs 70 to Rs 6850 per quintal on restricted arrival from Rajasthan and increased demand from retailers.
Among non-edible oils, neem oil slipped to Rs 4,000-4,100 against last close of Rs 4,100-4,200 per quintal on reduced offtake by soap manufacturers.
Palmoline (RBD) and crude palm oil (ex-kandla) faced selling pressure from stockists and lost by Rs 50 and Rs 100 at Rs 5,600 and Rs 4,380 per quintal, respectively. Selling pressure gathered momentum after reports that Palm oil in Malaysia continued to slide amid concern that increased supplies from the biggest producers of the vegetable oils would damp prices.
Palm oil futures for October delivery dropped 100 ringgit, or 3.3 per cent, to 2,950 ringgit ($904) a tonne on the Malaysia Derivatives Exchange as drop in crude oil prices reduced the appeal of biofuels made from vegetable oils.
At wholesale market here, cotton seed mill delivery oil also lost Rs 100 at Rs 5,950 per quintal. However, mustard expeller oil recovered by Rs 70 to Rs 6850 per quintal on restricted arrival from Rajasthan and increased demand from retailers.
Among non-edible oils, neem oil slipped to Rs 4,000-4,100 against last close of Rs 4,100-4,200 per quintal on reduced offtake by soap manufacturers.
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