Edible oils decline on subdued demand lower global trend

Amid subdued local demand at current levels and weak trend overseas, select edible oil prices fell by up to Rs 50 per quintal in the wholesale oils and oilseeds market today.

Linseed oil in the non-edible section, also eased on lack of enquiries from paint's industries.

Trading sentiment turned bearish after palm oil dropped in global markets on speculation that favourable weather in the US may boost soybean yields, lifting global supplies of vegetable oils for use in food and fuel.

Meanwhile, palm oil for the October-delivery contract fell one per cent to $1,044 a tonne on the Malaysia Derivatives Exchange.

In additions, fall in demand at prevailing higher levels also influenced the trading sentiment to some extent, traders said. Lack of enquiries from paint manufacturing units led to a fall in linseed oil, they added.

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils declined by Rs 20 each to Rs 6,500 and Rs 6,000, respectively, while crude palm oil (ex-kandla) traded lower by the same margin to Rs 5,230 per quintal.

Palmolein (rbd) oil fell by Rs 50 and palmolein (kandla) oil moved down by Rs 40 to Rs 5,900 and Rs 5,600 per quintal, respectively.

In the non-edible section, linseed oil shed Rs 50 to Rs 4,500 per quintal on lack of demand from paint and other consuming industries.

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) 6,020, 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) 6,500, Soyabean  degum (Kandla) 6,000, Crude Palm Oil (Ex-kandla) 5,230, Cottonseed mill delivery (Haryana) 5,560

Palmolein (RBD) Rs 5,900 Palmolein (Kandla) 5,600, 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