Palmolein oil remains weak on global cues

In an other wise steady wholesale oils and oilseeds market, palmolein oil remained weak today in tandem with lower trend in global markets.

Other edible oils continued to trade in a tight range in the absence of worthwhile activity, as buying interest dropped considerably due to rising mercury level.

Marketmen said the fall in palmolein oil prices was due to a weakening trend in Malaysia.

"Fall in demand from retailers and millers, as consumption dried up considerably due to rising mercury, kept most of oil prices unchanged," said a wholesale oil trader.

Meanwhile, palm oil futures for September delivery lost 0.5 per cent to $727 a metric tonne on the Malaysia Derivatives Exchange.

In the edible section, palmolein (rbd) remained under selling pressure on the back of weakening global trend and shed another Rs 10 to Rs 4,140 per quintal.

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) 4,900, 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) 4,420 Soyabean degum (Delhi) 4,320

Crude Palm Oil (Ex-kandla) 3,660, Cottonseed mill delivery (Haryana) 4,150, Palmolein (RBD) 4,140, Rice bran (phy) 3,750 and Coconut (per tin) 1020-1050

Non-edible oils: Linseed 4,000, Mahuwa 4,000, Castor 7,100-7,200, Neem 3,650-3,750, 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