Select edible oils remain down on weak global cues
A mixed pattern of trading was witnessed in the oils and oil seeds market during the week ended July 19, with fall of select edible oils led by soybean, following a weakening trend in major producing countries, while others gained on fresh buying ...
By PTI |
NEW DELHI: A mixed pattern of trading was witnessed in the oils and oil seeds market during the week ended July 19, with fall of select edible oils led by soybean, following a weakening trend in major producing countries, while others gained on fresh buying support.
Prices of soyabean, palmoline and crude palm oils traded lower on reports of a declining trend in Malaysian and Indonesian commodity markets, major global suppliers of edible oils.
Palm and soybean, normally used for cooking and also an alternate to crude oil to produce bio-diesel, quoted lower after the crude oil prices in global markets fell from records.
However, groundnut and sesame oils, partly used in manufacturing of vanaspati ghee, rose on fresh buying by stockists and retailers ahead of festival season.
Mustard oil also rose on buying by local customers and stockists amid reduced arrivals from producing regions of Rajasthan and Gujarat, due to heavy rains.
Traders said select edible oils moved in tandem with international rates, as the country imports nearly half its annual edible oil requirement. It buys soy oil from Argentina and Brazil and palm oil from Malaysia and Indonesia, they said.
Meanwhile, the country's edible oil imports in the June month rose by 82 per cent to 550,201 metric tons as importers rushed to ease a supply crunch in local markets, the Solvent Extractors' Association of India said.
Prices of soyabean, palmoline and crude palm oils traded lower on reports of a declining trend in Malaysian and Indonesian commodity markets, major global suppliers of edible oils.
Palm and soybean, normally used for cooking and also an alternate to crude oil to produce bio-diesel, quoted lower after the crude oil prices in global markets fell from records.
However, groundnut and sesame oils, partly used in manufacturing of vanaspati ghee, rose on fresh buying by stockists and retailers ahead of festival season.
Mustard oil also rose on buying by local customers and stockists amid reduced arrivals from producing regions of Rajasthan and Gujarat, due to heavy rains.
Traders said select edible oils moved in tandem with international rates, as the country imports nearly half its annual edible oil requirement. It buys soy oil from Argentina and Brazil and palm oil from Malaysia and Indonesia, they said.
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Meanwhile, the country's edible oil imports in the June month rose by 82 per cent to 550,201 metric tons as importers rushed to ease a supply crunch in local markets, the Solvent Extractors' Association of India said.
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