Select edible oils fall on sluggish demand, global cues

NEW DELHI: Select edible oil prices fell by Rs 50 per quintal on the wholesale oils and oilseeds market today owing to slackened demand at prevailing levels amid a weak global trend.

However, non-edible oils moved in a narrow range on lack of worthwhile buying activity and settled around previous levels.

Traders said sluggish demand at prevailing higher levels mainly helped select edible oils prices to surrendered fresh ground.

They said a weak global trend before the release of data from Malaysia which may show that inventories dropped last month, while output climbed for the first time in six months, also influenced the sentiment.

Meanwhile, palm oil for the contract for June fell 0.5 per cent to USD 787 a tonne on the Bursa Malaysia Derivatives exchange.

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils declined by Rs 50 each to Rs 7,100 and Rs 6,650, while crude palm oil (ex-kandla) traded lower by the same margin to Rs 6,600 per quintal, respectively on lower global trend.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and shed Rs 50 each at Rs 7,000 and Rs 6,500 per quintal, respectively.