Select edible oils fall on sluggish demand, global cues

NEW DELHI: Select edible oils prices drifted at the wholesale oils and oilseeds market during the past week largely in line with weakening trend in global markets amid sluggish demand in the domestic market.

However, non-edible oils remained flat throughout the week on restricted buying activity.

Expectations of higher output this season and rise in imports also weighed on edible oil prices.

Trading sentiment turned bearish largely in line with weakening global markets trends as Malaysian palm oil declined and expectations of a record South American soybean harvest.

Meanwhile, palm oil for June delivery lost 1.7 per cent to 766 dollar a metric tonne on the Malaysia Derivatives Exchange.

In the edible section, palmolein (RBD) and crude palm oil (ex-kandla) oils fell by Rs 30 each to Rs 4,170 and Rs 3,670 per quintal on lower global advices.

Soyabean refined mill delivery (Indore) and soyabean degum (Delhi) oils followed suit and traded lower by Rs 50 and Rs 10 to Rs 4,540 and Rs 4,400 per quintal.

In line with a general weakening trend, cottonseed mill delivery (Haryana) oil too traded lower with a loss of Rs 20 to Rs 3,980 per quintal.

Market remained closed on Wednesday on account of 'Ramnavmi'.