Edible oils fall on reduced offtake, global cues

Castor, linseed oils also declined on lack of demand from consuming industries

Edible oil prices fell up to Rs 100 per quintal on the wholesale oils and oilseeds market today on reduced offtake by stockists and retailers amid a weakening global trend.

Castor and linseed oils, in the non-edible section, also declined on lack of demand from consuming industries.

Traders said reduced offtake by stockists and retailers, amid a weakening global trend on concern that exports from Malaysia, the world's second-largest producer, may decline as a rally in the ringgit and weakening crude oil prices curb demand, mainly influenced the sentiment.

Meanwhile, palm oil for delivery in February, fell 0.9 per cent to USD 806 a tonne on the Malaysia Derivatives Exchange.

In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils fell by Rs 100 and Rs 50 to Rs 8,500 and Rs 7,600 per quintal, respectively.

Tracking a weak global trend, palmolein (rbd) and palmolein (Kandla) oils fell further by Rs 100 each to Rs 6,400 and Rs 6,000 while crude palm oil (ex-kandla) traded lower by the same margin to Rs 5,600 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and lost Rs 100 each to Rs 7,400 and Rs 7,100 per quintal, respectively.

In the non-edible section, castor and linseed oil declined by Rs 50 each to Rs 9,300-9,400 and Rs 6,950 per quintal, respectively.