Edible oils decline on sluggish demand

Tracking a weakening global trend and sluggish demand from millers, edible oil prices declined by up to Rs 30 per quintal in the wholesale oils and oilseeds market today. 

Trading sentiments turned bearish after palm oil prices declined in Malaysia on speculation that China's central bank will step up some measures to control inflation after it ordered lenders to set aside more cash, raising concerns that demand may be curbed.  

Palm oil prices for delivery in August dropped by 1% to $1,060 a tonne on the Malaysia Derivatives Exchange. Traders said reports that state-owned trading firm STC invited bids for import of 18,000 tonne of RBD palmolein to boost domestic supply of edible oil also put pressure on the select prices. 

In the national capital, palmolein (rbd) and palmolein (Kandla) oils fell by Rs 30 each to Rs 5,750 and Rs 5,450, respectively, while crude palm oil (ex-kandla) shed Rs 20 to Rs 5,230 per quintal.

Soybean refined mill delivery (Indore) and soybean degum (Kandla) oils declined by Rs 20 each to Rs 6,250 and Rs 5,850 per quintal, respectively.  

In the non-edible section, linseed oil lost Rs 50 to Rs 4,500 per quintal on lack of enquiries from paint industries.

Following are today's quotations per quintal: 

Oilseeds: mustardseed 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) 8,100, groundnut Solvent refined (per tin) 1,425-1,435, Mustard Expeller (Dadri) 5,800, Mustard Pakki ghani (per tin) 760-915, Mustard kachi ghani (per tin) 915-1,015, Sunflower 6,300, Sesame mill delivery 6,230

soybean Refined mill delivery (Indore) 6,250, Soybean degum (Kandla) 5,850, Crude Palm Oil (Ex-kandla) 5,230, Cottonseed mill delivery (Haryana) 5,530, Palmolein (RBD) Rs 5,750 Palmolein (Kandla) 5,450, Rice bran(phy) 3,750 and Coconut (per tin) 1,600-1,660

Non-edible oils: Linseed 4,500, Mahuwa 4,000, Castor 8,500-8,600, Neem 4,150-4,250, 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