Edible oils remain lower on reduced offtake

The slide in edible oils continued for the third straight day and prices fell by up to Rs 50 per quintal in the wholesale market today on fall in demand amid weakening global trend.

Trading sentiments remained weak as palm oil fell for a third day to the lowest level in three weeks in global markets on concern that a slow recovery in the global economy may damp demand for commodities.

Meanwhile, palm oil for August delivery declined by 1.2% to $1,100 a tonne on the Malaysia Derivatives Exchange, the lowest since May 18.

In the national capital, mustard expeller oil (Dadri) oil fell by Rs 50 to Rs 5,800 per quintal. Mustard pakki and kachi ghani oils shed Rs 10 each to Rs 760-915 and Rs 915-1,015 per tin, respectively.

Sesame mill delivery oil and cottonseed mill delivery oil (Haryana) moved down by Rs 50 each to Rs 6,250 and Rs 5,550 per quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils also traded lower by Rs 20 each to Rs 5,880 and Rs 5,580 per quintal, respectively.