Edible oils remain weak on sluggish demand

The slide in edible oils continued unabated in the wholesale oils and oilseeds market today on sustained selling by stockists on sluggish demand amid a weakening global trend and prices fell by up to Rs 50 per quintal.

In the non-edible section, neem oil eased on reduced offtake by consuming industries.

Trading sentiment remained bearish as palm oil dropped to the lowest level in almost eight months in global markets after a decline in crude oil prices cut the appeal of vegetable oils as feedstock for biofuels.

Meanwhile, palm oil for the September-delivery lost one per cent to $1,009 per metric tonne on the Malaysia Derivatives Exchange, the lowest since November 3. In addition, sluggish demand at prevailing levels also put pressure on the edible oil prices. 

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils remained weak and shed Rs 50 each to Rs 6,150 and Rs 5,760, respectively, while crude palm oil (ex-kandla) shed Rs 30 to Rs 5,150 per quintal. 

Palmolein (rbd) and palmolein (Kandla) oils also lost Rs 30 each to Rs 5,650 and Rs 5,350 per quintal, respectively. In the non-edible section, neem oil declined by Rs 30 to Rs 4,050-4,150 per quintal on reduced offtake by soap units.

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) 8,200, groundnut Solvent refined (per tin) 1,400-1,410, Mustard Expeller (Dadri) 5,700, Mustard Pakki ghani (per tin) 750-905, Mustard kachi ghani (per tin) 905-1,005

Sunflower 6,300, Sesame mill delivery 6,180, soybean Refined mill delivery (Indore) 6,150, Soyabean  degum (Kandla) 5,760, Crude Palm Oil (Ex-kandla) 5,150, Cottonseed mill delivery (Haryana) 5,450

Palmolein (RBD) Rs 5,650 Palmolein (Kandla) 5,350, Rice bran (phy) 3,750 and Coconut (per tin) 1,600-1,660

Non-edible oils: Linseed 4,500, Mahuwa 4,000, Castor 8,480-8,580, Neem 4,050-4,150, 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