Slide in edible oils continues on weak global cues

NEW DELHI: Slide in edible oils continued unabated here during the week under review largely in tandem with weakening global commodity markets amid subdued demand from millers as well retailers.

Sentiment remained bearish, taking cues from weak trend in Malaysian palm oil, following rising inventories amid slowing demand on fears of global recession.

At the wholesale market in the capital, crude palm oil (ex-kandla) tumbled by Rs 200 to Rs 2,550 per quintal largely in line with weakening trend in global market.

Soyabean oil also showed weakness and dropped by 150 to Rs 4,850 per quintal, while soyabean degum (Delhi)by Rs 50 to 4,650 per quintal.

Palmolein and groundnut oils, after moving both ways on alternate bouts of buying or selling, finally settled around previous levels of Rs 3,750 and Rs 5,500 per quintal.

Mustard expeller oil also met with resistance at higher levels amid subdued demand following end of festive season and tumbled by Rs 150 to Rs 6,500 per quintal.

Rice bran (physical) in limited deals, dropped by Rs 250 to Rs 4,000 per quintal in line with general weakening trend.

Coming to the non-edible side, linseed, mahuwa, neem and palm fatty oils remained flat at Rs 4,800, Rs 4,300, Rs 3,700-3,800 and Rs 3,125-3,200 per quintal, respectively, in negligible buying activity.

Meanwhile, public sector trading companies have imported 2,99,000 tonne of edible oils on behalf of the Centre to distribute subsidised oils in states and union territories.