Edible oils down on sluggish demand, global cues

Edible oil prices dipped up to Rs 200 per quintal on the wholesale oils and oilseeds market today on considerable fall in demand at prevailing levels, amid weak trends in overseas markets.

In the non-edible section, castor and neem oils drifted due to sluggish industrial demand.

Sentiments in edible oils turned weak as palm oil dropped in Malaysia amid forecasts for higher production this year and on speculation that an improving supplies of vegetable oils could ease prices.

Meanwhile, palm oil futures for the May contract shed 2.9% to $1,146 a tonne, the lowest in more than a week on the Malaysia Derivatives Exchange.

In the national capital, mustard expeller oil lost Rs 130 to Rs 5,850 per quintal. Mustard pakki and kachi ghani oils followed suit and traded lower by Rs 10 each to Rs 765-920 and Rs 920-1,020 per tin, respectively.

Cottonseed mill delivery (Haryana) declined by Rs 100 to Rs 5,650 per quintal.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils dropped by Rs 180 and Rs 100 to Rs 6,100 and Rs 5,800 per quintal, respectively.

Crude palm oil (ex-kandla) shed Rs 150 to Rs 5,250, while palmolein (rbd) and palmolein (Kandla) oils dropped by Rs 150 and Rs 200 to Rs 5,800 and Rs 5,550 per quintal, respectively.

In the non-edible section, castor and neem oils declined by Rs 50 each to Rs 8,650-8,750 and Rs 4,050-4,150 per quintal, respectively.

Following are today's quotations in Rs per quintal:

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) 7,400, groundnut Solvent refined (per tin) 1,300-1,310, Mustard Expeller (Dadri) 5,850, Mustard Pakki ghani (per tin) 765-920, Mustard kachi ghani (per tin) 920-1,020.

Sunflower 6,300, Sesame mill delivery 6,400, soybean Refined mill delivery (Indore) 6,100, Soyabean degum (Kandla) 5,800, Crude Palm Oil (Ex-kandla) 5,250, Cottonseed mill delivery (Haryana) 5,650, Palmolein (RBD)Rs 5,800 Palmolein (Kandla) 5,550, Rice bran (phy) 3,750 and Coconut (per tin) 1,500-1,560.

Non-edible oils: Linseed 4,600, Mahuwa 4,000, Castor 8,650-8,750, 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.