Select edible oils fall on sluggish demand, global cues

NEW DELHI: Select edible oils fell up to Rs 300 per quintal on the wholesale oils and oilseeds market today on sluggish demand amid a weak global trend.

Linseed oil in the non-edible section, also eased on reduced offtake by consuming industries.

Traders said sluggish demand against adequate supplies amid a weak global trend where palm oil fell to the lowest level in four months mainly pulled down select wholesale edible oil prices.

Meanwhile, palm oil for the contract for July delivery lost 1.4 per cent to USD 744 a tonne, the lowest since December 14 on the Bursa Malaysia Derivatives.

In the national capital, groundnut mill delivery (Gujarat) fell by Rs 300 to Rs 11,000 per quintal on adequate supplies.

Taking negative cues from overseas markets, palmolein (RBD) and palmolein (Kandla) oils fell by Rs 150 each to Rs 6,400 and Rs 5,900, while crude palm oil (ex-kandla) traded lower by similar margin to Rs 6,200 per quintal, respectively.

In the non-edible section, linseed oil declined by Rs 50 to Rs 6,400 per quintal.