Select edible oils remain weak on subdued demand

NEW DELHI: Select edible oil prices fell further by Rs 50 per quintal on the wholesale oils and oilseeds market on Thursday due to sluggish demand against adequate stocks position amid a weak global trend.

However, non-edible oils moved in a narrow range in limited deals and settled around previous levels.

Traders said sluggish demand against adequate stocks position and a weak global trend on concern that demand for the most-consumed edible oil will decline as Europe's debt crisis drags on.

Meanwhile, palm oil for the contract for delivery in June lost 1.5 per cent to $ 777 a tonne, the lowest level since March 19 on the Malaysia Derivatives Exchange.

In the national capital, mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils fell by Rs 50 to Rs 7,300 and Rs 6,550 per quintal, respectively.

Tracking a weak global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils lost another Rs 50 each to Rs 6,950 and Rs 6,500 per quintal, respectively.

Palmolein (rbd) and Palmolein (Kandla) oils too traded lower by the similar margin to Rs 7,000 and Rs 6,500 per quintal, respectively.