Edible oils decline on global cues

Amid weakening trend in edible oils and other commodities at global markets, edible oil prices fell by up to Rs 50 per quintal in the wholesale oils and oilseeds market today. Neem oil in the non-edible section, shed moderate ground on reduced offtake by industrial units and other consuming industries.

Trading sentiments turned bearish after palm oil fell in global markets as crude oil led declined among commodities after the US lost its top credit rating, fuelling concern that the global economic slowdown will worsen.

Meanwhile, palm oil futures for the October-delivery contract lost 1.2% to $999 a tonne on the Malaysia Derivatives Exchange, the lowest level since October 27.

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils declined by Rs 30 each to Rs 6,400 and Rs 5,900, respectively. Crude palm oil (ex-kandla) lost Rs 50 to Rs 5,150 per quintal.

Palmolein (rbd) and palmolein (Kandla) oils also moved down by Rs 50 each to Rs 5,800 and Rs 5,500 per quintal, respectively. In the non-edible section, neem oil lost Rs 50 to Rs 4,000-4,100 per quintal.

Following were today's quotations:

Oilseeds: mustard seed 2,525-2,655 and Groundnut seed 2,100-2,850
Vanaspati ghee (15 litres tin) 1,065-1,140

Edible oils: Groundnut mill delivery (Gujarat) 8,500, groundnut Solvent refined (per tin) 1,450-1,460, Mustard Expeller (Dadri) 5,980, Mustard Pakki ghani (per tin) 760-915, Mustard kachi ghani (per tin) 915-1,015, Sunflower 6,300, Sesame mill delivery 6,200

soybean Refined mill delivery (Indore) 6,400, Soyabean  degum (Kandla) 5,900, Crude Palm Oil (Ex-kandla) 5,150, Cottonseed mill delivery (Haryana) 5,530, Palmolein (RBD) Rs 5,800 Palmolein (Kandla) 5,500, Rice bran (phy) 3,750 and Coconut (per tin) 1,700-1,760

Non-edible oils: Linseed 4,500, Mahuwa 4,000, Castor 8,400-8,500, Neem 4,050-4,150, Rice bran 3,300-3,400 and palm fatty 3,225-3,300 Oilcakes: groundnut dehusk 800-850, sesame 950-1,150, Mustard (new) 1,000-1,025, Mustard 1,200-1,210 and Cottonseed 1,075-1,175