Select edible oils decline on sluggish demand

Select edible oil prices declined up to Rs 50 per quintal in the wholesale oils and oilseeds market today on sluggish demand amid weakening global trend.

Trading sentiment turned weak after palm oil in Malaysia dropped as weakness in soybeans and soybean oil reduced the appeal of the world’s most-consumed cooking oil.

Marketmen said, sluggish demand on weakening global trend mainly led to a decline in select wholesale edible oil prices.

Meanwhile, palm oil futures for July-delivery lost 0.5 per cent to $770 a metric tonne on the Malaysia Derivatives Exchange.

In the edible section, soyabean refined mill delivery (Indore) and soyabean degum (Delhi) declined by Rs 50 and Rs 20 to Rs 4,450 and Rs 4,350 while palmolein (rbd) shed Rs 10 to Rs 4,130 per quintal.

Cottonseed mill delivery (Haryana) too traded lower by Rs 20 to Rs 4,000 per quintal.

However, groundnut mill delivery (Gujarat) gained Rs 50 to Rs 6,850 per quintal while groundnut solvent refined traded higher by Rs 5 to Rs 1,135-1,145 per tin.

In the non-edible section, castor oil also eased by Rs 50 to Rs 6,450-6,550 per quintal on reduced industrial offtake.