Edible oils extend losses on stockists selling

Select edible oils continued to slide by losing up to Rs 50 per quintal in the wholesale oils and oilseeds market today on increased selling by stockists, driven by a weakening trend in global markets.

However, mustard oil found selective buying support from the local parties. Trading sentiment remained bearish as palm oil declined in Malaysia, extending yesterday's biggest drop in eight days, on concern that substitute supplies of edible oils are eroding demand.

Palm oil futures for August-delivery fell 0.5 per cent to $734 a metric tonne on the Malaysia Derivatives Exchange.

Marketmen said apart from sustained selling by stockists, due to fall in demand and reports of weakening trend in overseas markets pulled down the wholesale edible oil prices.

In the edible section, soyabean refined mill delivery (Indore) and soyabean degum (Delhi) remained weak and lost Rs 50 and Rs 30 to Rs 4,430 and Rs 4,320, while palm oil (rbd) and crude palm oil (ex-kandla) too lowered by Rs 30 and Rs 20 to Rs 4,200 and Rs 3,730 per quintal.

Cottonseed mill delivery (Haryana) declined by Rs 50 to Rs 4,050 per quintal. On the other hand, mustard expeller oil (Dadri) gained Rs 50 to Rs 4,750 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) 720-830. 

Edible oils: Groundnut mill delivery (Gujarat) 7,100, groundnut Solvent refined (per tin) 1,160-1,170, Mustard Expeller (Dadri) 4,750, Mustard Pakki ghani (per tin) 660-815, Mustard kachi ghani (per tin) 815-915, Sunflower 6,300, Sesame mill delivery 5,800, Soybean Refined mill delivery (Indore) 4,430 Soyabean degum (Delhi) 4,320, Crude Palm Oil (Ex-kandla) 3,730, Cottonseed mill delivery (Haryana) 4,050, Palmolein (RBD) 4,200, Rice bran (phy) 3,750 and Coconut (per tin) 960-990.

Non-edible oils: Linseed 4,000, Mahuwa 4,000, Castor 6,800-6,900, Neem 3,600-3,700, Rice bran 3,200-3,300 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.