Edible oils remain down on stockists selling, weak global cues

The slide in select edible oil prices continued for the third straight day and lost up to Rs 200 per quintal in the wholesale market today on increased selling by stockists, triggered by a weakening trend in global markets. 

Subdued demand from millers and retailers at existing higher levels also kept pressure on the oil prices. A few oils in the non-edible section, also showed some weakness on sluggish demand.

Meanwhile, palm oil futures for November-delivery went down by 2.3 per cent to $808  a metric tonne on the Malaysia Derivatives Exchange, the lowest intra-day price since August 3.

In the edible section, groundnut mill delivery suffered the most by losing Rs 200 to Rs 8,400 per quintal, while groundnut solvent refined lost Rs 25 to Rs 1,450-1,460 per tin on reduced offtake.

Cottonseed mill delivery (Haryana) also lost Rs 50 to Rs 4,600 per quintal.

Soyabean refined mill delivery (Indore) and soyabean degum (Delhi) oils fell by Rs 130 and Rs 40 to Rs 4,900 and Rs 4,700, while crude palm oil (ex-kandla) shed Rs 10 to Rs 4,130 per quintal on lower global trend.  

In the non-edible section, linseed oil lost Rs 50 to Rs 4,150 per quintal on subdued demand from paint units. Neem oil also lacked buying interest from soap units and traded lower by Rs 50 to Rs 3,750-3,850 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) 750-860

Edible oils: Groundnut mill delivery (Gujarat) 8,400, groundnut Solvent refined (per tin) 1,450-1,460, Mustard Expeller (Dadri) 5,250, Mustard Pakki ghani (per tin) 715-870, Mustard kachi ghani (per tin) 870-970, Sunflower 6,300

Sesame mill delivery 5,950, soybean Refined mill delivery (Indore) 4,900 Soyabean degum (Delhi) 4,700, Crude Palm Oil (Ex-kandla) 4,130, Cottonseed mill delivery (Haryana) 4,650, Palmolein (RBD) 4,870, Rice bran (phy) 3,750 and Coconut (per tin) 1,050-1,080

Non-edible oils: Linseed 4,150, Mahuwa 4,050, Castor 7,800-7,900, Neem 3,750-3,850, Rice bran 3,300-3,400 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