Select edible oils fall for third day on weak demand

NEW DELHI: Select edible oil prices fell for the third day and lost upto Rs 200 per quintal on the wholesale oils and oilseeds market today on weak demand against adequate supplies amid a lower global trend.

Neem oil in the non-edible section also eased on lack of demand from consuming industries.

Traders said weak demand against sufficient supplies and a weak global trend on speculation that slower economic growth in China, the largest buyer after India, may dampen demand for the oil.

Meanwhile, palm oil lost 1.3 per cent to USD 745 a tonne, the lowest since June 5 on the Malaysia Derivatives.

In the national capital, sesame and groundnut mill delivery (Gujarat) fell further by Rs 200 each to Rs 9550 and Rs 11,300 per quintal, respectively.

Tracking a weak global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also shed Rs 50 each at Rs 7150 and Rs 6850 per quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and traded lower by the same margin to Rs 5600 and Rs 5200 per quintal, respectively.

In the non-edible section, neem oil declined by Rs 50 to Rs 5100-5200 per quintal.