Palmolein, crude palm oil remain weak on global cues

Palmolein and crude palm oil prices slipped further by Rs 20 per quintal on the oils and oilseeds market in the national capital today, in tandem with weak trend in global markets.

Fall in demand from local parties and millers also kept most of other edible oil prices flat.

Linseed oil in the non-edible section, also traded lower on reduced industrial offtake.

Sentiment remained weak after palm oil dropped close to the lowest price in more than seven months in Malaysia, as stronger ringgit eroded the appeal of the world's cheapest edible oil and export data signaled demand may be slowing.

Meanwhile, palm oil futures for September delivery fell USD 713 a metric tonne on the Malaysia Derivatives Exchange.

Marketmen said besides weak trend in global markets, slackness in demand also led to a fall in palmolein and crude palm oil prices.

In the edible section, palmolein (rbd) and crude palm oil (ex-kandla) remained under sustained selling and lost Rs 20 each to Rs 4,080 and Rs 3,600 per quintal.

In the non-edible section, linseed oil also declined by Rs 50 to Rs 3,950 per quintal on subdued demand from paint industries.

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) 720-830.

Edible oils: Groundnut mill delivery (Gujarat) 7,500, groundnut Solvent refined (per tin) 1,250-1,260, Mustard Expeller (Dadri) 4,920, Mustard Pakki ghani (per tin) 685-840, Mustard kachi ghani (per tin) 840-940, Sunflower 6,300, Sesame mill delivery 5,850, Soybean Refined mill delivery (Indore) 4,380 Soyabean degum (Delhi) 4,280, Crude Palm Oil (Ex-kandla) 3,600, Cottonseed mill delivery (Haryana) 4,150, Palmolein (RBD) 4,080, Rice bran (phy) 3,750 and Coconut (per tin) 1020-1050.

Non-edible oils: Linseed 3,950, Mahuwa 4,000, Castor 7,200-7,300, Neem 3,700-3,800, Rice bran 3,200-3,300 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.