Select edible oils remain lower on sluggish demand

NEW DELHI: Select edible oils extended losses for the fifth straight session with prices falling up to Rs 100 per quintal at the wholesale oils and oilseeds market today on sluggish demand amid a weak global trend.

Neem oil in the non-edible section also eased on reduced industrial offtake.

Marketmen said besides sluggish demand, a weak trend in the global markets, as palm oil traded at nearly two-month low ahead of the release of data forecast to show that reserves in Malaysia dropped for the first time in four months, also dampened the sentiments.

Meanwhile, palm oil for March delivery traded at $777 a tonne on the Malaysia Derivatives Exchange.

In the national capital, groundnut mill delivery (Gujarat) and cottonseed mill delivery (Haryana) oils fell by Rs 100 each to Rs 7,900 and Rs 6,200 per quintal, respectively.

Tracking a weakening global trend, palmolein (rbd) and palmolein (Kandla) oils shed Rs 50 each at Rs 6,200 and Rs 5,800 per quintal, respectively.

In the non-edible section, neem oil fell by Rs 50 to Rs 5200-5300 per quintal.

The following were today's quotations per quintal:

Oilseeds: Mustardseed 2,950-3,050 and Groundnut Seed 2,150-2,900.

Vanaspati Ghee (15-litre tin) 1,160-1,290.

Edible oils: Groundnut Mill Delivery (Gujarat) 7,900, Groundnut Solvent Refined (per tin) 1,950-2,000, Mustard expeller (Dadri) 7,200, Mustard Pakki Ghani (per tin) 1,280-1,360, Mustard Kachi Ghani (per tin) 1,365-1,465, Sunflower 6,300, Sesame Mill Delivery 11,400, Soybean Refined Mill Delivery (Indore) 7,100, Soyabean Degum (Kandla) 6,800, Crude Palm Oil (Ex-Kandla) 5,300, Cottonseed Mill Delivery (Haryana) 6,200, Palmolein (RBD) Rs 6,200, Palmolein (Kandla) 5,800, Rice Bran (phy) 3,800 and Coconut(per tin) 1,380-1,430.