Edible oils slip on sluggish demand, global cues

Edible oil prices slipped up to Rs 190 per quintal on the wholesale oils and oilseeds market today, due to slackness in demand at existing higher levels amid weakening global trends. 

A few oils in the non-edible section also weakened on reduced industrial offtake and subdued demand from other consuming industries. 

Sentiments turned bearish as palm oil hit its three-months low in global market on speculation that protests in North Africa and Middle East may slow global growth.

Palm oil futures for the May-delivery contract slumped 4.5 per cent to $1,148 on the Malaysia Derivatives Exchange, the biggest drop since November 18.

Traders said fall in demand at prevailing higher levels amid weakening global trend, mainly pulled down wholesale edible oil prices.

Reduced offtake by consuming industries helped non-edible oil prices to trade lower, they said.    

In the national capital, groundnut mill delivery oil declined by Rs 100 to Rs 7,400 per quintal and groundnut solvent refined lost Rs 70 to Rs 1,300-1,310 per tin.

Mustard expeller oil (Dadri) Rs 40 to Rs 6,000 per quintal. Mustard pakki and kachi ghani oils traded lower by Rs 10 each to Rs 770-925 and Rs 925-1,025 per tin.

Cottonseed mill delivery (Haryana) oil declined by Rs 50 to Rs 5,800 per quintal.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) plunged by Rs 190 and Rs 110 to Rs 6,250 and Rs 5,950 per quintal, respectively.  

In line with a general weakening trend, crude palm oil (ex-kandla) fell by Rs 150 to Rs 5,500, while palmolein (rbd) and palmolein (kandla) by Rs 100 and Rs 130 to Rs 6,100 and Rs 5,800 per quintal, respectively.

In the non-edible section, linseed oil lost Rs 50 to Rs 4,600 per quintal. Castor oil too traded lower by Rs 50 to Rs 8,700-8,800 per quintal.

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) 7,400, groundnut Solvent refined (per tin) 1,300-1,310, Mustard Expeller (Dadri) 6,000, Mustard Pakki ghani (per tin) 770-925, Mustard kachi ghani (per tin) 925-1,025

Sunflower 6,300, Sesame mill delivery 6,390, soybean Refined mill delivery (Indore) 6,250, Soyabean degum (Kandla) 5,950, Crude Palm Oil (Ex-kandla) 5,500, Cottonseed mill delivery (Haryana) 5,800

Palmolein (RBD)Rs 6,100 Palmolein (Kandla) 5,800, Rice bran (phy) 3,750 and Coconut (per tin) 1,500-1,560

Non-edible oils: Linseed 4,600, Mahuwa 4,000, Castor 8,700-8,800, 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