Soyabean, palm oils down on subdued demand, global cues

NEW DELHI: Prices of soyabean and palmolein oils declined by Rs 50 per quintal on the wholesale oils and oilseeds market today due to fall in demand at prevailing higher levels amid a weak global trend.

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

Traders said sentiment turned bearish as palm oil tumbled on global markets on concern that inventories in Malaysia, the second-largest producer, will continue to expand from their record.

Meanwhile, palm oil for the contract for December declined 3.2 per cent to USD 791 a tonne on the Malaysia Derivatives Exchange.

Besides, fall in demand at prevailing higher levels and weak global trend also to decline in soyabean and palmolein oil prices, they said.

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils declined by Rs 50 each to Rs 7,400 and Rs 7,000 per quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and traded lower by Rs 50 each to Rs 7,550 and Rs 7,100 per quintal, respectively.