Edible oils fall on reduce offtake

Edible oil prices fell by up to Rs 50 per quintal in the wholesale market today on reduced offtake at prevailing higher levels amid a weakening global trend.

However, non-edible oils remained steady in restricted buying activity.

Trading sentiments turned bearish after palm oil declined in Malaysia on concerns that a slowdown in the US, the world's largest economy, may curb demand for commodities.

The palm oil prices dropped by 0.4% to $1,136 a tonne on the Malaysia Derivatives Exchange.

Besides, fall in demand at prevailing high levels further influenced the trading sentiments.

In the national capital, soyabean refined mill delivery oil (Indore) shed Rs 50 and soyabean degum (Kandla) oil fell by Rs 20 to Rs 6,350 and Rs 5,950 respectively, while crude palm oil lost Rs 50 to Rs 5,350 per quintal.

Palmolein (rbd) and palmolein (Kandla) oils also moved down by Rs 50 each to Rs 5,950 and Rs 5,650 per quintal, respectively.