Select edible oils continue to slide on global cues

Select edible oil prices moved down for the second straight day and fell up to Rs 40 per quintal on the wholesale oils and oilseeds market today due to sustained selling by stockists on subdued demand at prevailing levels, amid a falling trend in Malaysia.

Neem oil in the non-edible section, also eased on reduced offtake by consuming industries.

Traders said increased selling by stockists on subdued demand and reports of a falling trend in Malaysia mainly led to decline in select edible oil prices.  

The sentiment remained weak as palm oil dropped for a fourth day to the lowest level in more than three months in global markets on concern that a manufacturing halt in Japan after last week's quake and tsunami may slow global economic recovery, cooling demand for materials.

Meanwhile, palm oil futures for the May-delivery contract plunged 2.6 per cent to $1,079 a tonne, the lowest level since November 26.

In the national capital, palmolein (rbd) and palmolein (kandla) oils fell further by Rs 40 each to Rs 5,750 and Rs 5,500, respectively, while soyabean refined mill delivery (Indore) and soyabean degum (Kandla) declined by Rs 30 each to Rs 6,050 and Rs 5,750 per quintal, respectively.  

Crude palm oil (ex-kandla) too lost Rs 30 to Rs 5,200 per quintal. In the non-edible section, neem oil prices shed Rs 50 to Rs 4,000-4,100 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) 5,850, Mustard Pakki ghani (per tin) 765-920, Mustard kachi ghani (per tin) 920-1,020

Sunflower 6,300, Sesame mill delivery 6,380, soybean Refined mill delivery (Indore) 6,050, Soyabean degum (Kandla) 5,750, Crude Palm Oil (Ex-kandla) 5,200, Cottonseed mill delivery (Haryana) 5,650, Palmolein (RBD)Rs 5,750 Palmolein (Kandla) 5,500, Rice bran (phy) 3,750 and Coconut (per tin) 1,500-1,560

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