Edible oils decline on sluggish demand, global cues

Select edible oil prices fell up to Rs 120 per quintal in the wholesale oils and oilseeds market today on subdued demand amid weakening global trend. In the non-edible section, linseed oil also eased owing to reduced industrial offtake.

Sentiment turned somewhat bearish after palm oil slipped to a one-month low in Malaysia on concern that inventory in Malaysia, the second-biggest grower, may climb as exports fall.

Traders said subdued demand at existing higher levels amid weakening global trend mainly pulled down select wholesale edible oil prices.

Meanwhile, palm oil futures for the November-delivery contract declined 0.5 per cent to $796 a metric tonne on the Malaysia Derivatives Exchange, the lowest intra-day level since July 30.

In the edible section, soyabean refined mill delivery (Indore) and soyabean degum (Delhi) oil fell by Rs 110 and Rs 50 to Rs 4,820 and Rs 4,650, while crude palm oil (ex-kandla) lost Rs 50 to Rs 4,100 per quintal.

Mustard expeller oil (Dadri) and cottonseed mill delivery (Haryana) declined by Rs 100 and Rs 50 to Rs 5,200 and Rs 4,600 per quintal. Mustard pakki and kachi ghani oils also traded lower by Rs 5 each to Rs 705-865 and Rs 860-960 per tin.

In the non-edible section, linseed oil traded Rs 50 lower at Rs 4,100 per quintal.

Following are today's quotations in Rs per quintal: 

Oilseeds: mustard seed 2,500-2,600 and groundnut seed 2,100-2,850
Vanaspati ghee (15 litres tin) 750-860. 

Edible oils: Groundnut mill delivery (Gujarat) 8,400, groundnut Solvent refined (per tin) 1,450-1,460, Mustard Expeller (Dadri) 5,200, Mustard Pakki ghani (per tin) 705-860, Mustard kachi ghani (per tin) 860-960, Sunflower 6,300

Sesame mill delivery 5,900, soybean Refined mill delivery (Indore) 4,820 Soyabean degum (Delhi) 4,650, Crude Palm Oil (Ex-kandla) 4,100, Cottonseed mill delivery (Haryana) 4,600, Palmolein (RBD) 4,900, Rice bran (phy) 3,750 and Coconut (per tin) 1,050-1,080

Non-edible oils: Linseed 4,100, Mahuwa 4,050, Castor 7,800-7,900, Neem 3,750-3,850, Rice bran 3,300-3,400 and palm fatty 3,225-3,300

Oilcakes: groundnut de-husk 800-850, sesame 950-1,150, Mustard (new) 1,025-1,050, Mustard 1,200-1,210 and Cottonseed 1,075-1,175