Palmolein declines on global cues

In range-bound trade, palmolein oil prices declined by Rs 20 per quintal on the wholesale oils and oilseeds market today on subdued demand at prevailing levels amid weakening trend in Malaysia.

Other edible as well as non-edible oils, however, continued to be traded at previous levels in the absence of worthwhile activity.  

Sentiment in palmolein turned bearish after palm oil fell on concern that a drop in exports from Malaysia, the second-largest producer, may expand stockpiles of the world's most used cooking oil. 

Meanwhile, palm oil futures for June delivery declined by 1.7 per cent to $1,109 a tonne on the Malaysian Derivatives Exchange.

Traders said subdued demand at prevailing levels and reports of weakening trend in Malaysia led to decline in palmolein oil prices.  

In the national capital, palmolein (rbd) and palmolein (kandla) fell by Rs 20 each to Rs 5,780 and Rs 5,480 per quintal, respectively.

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) 7,550, groundnut Solvent refined (per tin) 1,300-1,310, Mustard Expeller (Dadri) 5,850, Mustard Pakki ghani (per tin) 770-925, Mustard kachi ghani (per tin) 925-1,025, Sunflower 6,300, Sesame mill delivery 6,250

soybean refined mill delivery (Indore) 6,140, Soyabean degum (Kandla) 5,840, Crude Palm Oil (Ex-kandla) 5,200, Cottonseed mill delivery (Haryana) 5,650, Palmolein (RBD) Rs 5,780 Palmolein (Kandla) 5,480, Rice bran (phy) 3,750 and Coconut (per tin) 1,600-1,660

Non-edible oils: Linseed 4,600, Mahuwa 4,000, Castor 8,650-8,750, Neem 4,000-4,100, 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