Edible oils fall on global cues

Amid a weakening global trend and sluggish demand at prevailing levels, edible oil prices fell up to Rs 50 per quintal in the wholesale oils and oilseeds market today.

Linseed oil in the non-edible section, also showed some weakness on reduced offtake by industrial units and other consuming industries. 

Trading sentiments in edible oils turned bearish after palm oil declined in global markets on speculations that a rally in prices may prompt buyers to switch to alternative soyabean oil.

Meanwhile, palm oil for the August-delivery contract lost 0.8% to $1,095 a metric tonne on the Malaysia Derivatives Exchange. Besides, sluggish demand from retailers at prevailing high levels also dampened the trading sentiments to some extent.

In the national capital, mustard expeller oil (Dadri) declined by Rs 50 and groundnut mill delivery oil (Gujarat) shed Rs 20 to Rs 5,700 and Rs 8,000 per quintal, respectively. Taking cues from overseas markets, palmolein (rbd) and palmolein (Kandla) oils fell by Rs 50 each to Rs 5,850 and Rs 5,550, respectively.

Crude palm oil (ex-kandla) lost Rs 30 to Rs 5,300 per quintal. Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils shed Rs 30 each to Rs 6,220 and Rs 5,870 per quintal, respectively.

In the non-edible section, linseed oil declined by Rs 50 to Rs 4,550 per quintal owing to sluggish demand from paint industries.

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) 8,000, groundnut Solvent refined (per tin) 1,400-1,410, Mustard Expeller (Dadri) 5,700, Mustard Pakki ghani (per tin) 760-915, Mustard kachi ghani (per tin) 915-1,015

Sunflower 6,300, Sesame mill delivery 6,250, soybean Refined mill delivery (Indore) 6,220, Soyabean degum (Kandla) 5,870, Crude Palm Oil (Ex-kandla) 5,300, Cottonseed mill delivery (Haryana) 5,550, Palmolein (RBD) Rs 5,850 Palmolein (Kandla) 5,550, Rice bran (phy) 3,750 and Coconut (per tin) 1,600-1,660

Non-edible oils: Linseed 4,550, Mahuwa 4,000, Castor 8,500-8,600, Neem 4,100-4,200, 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