Select edible oils fall on sluggish demand

Select edible oil prices declined up to Rs 50 per quintal on the wholesale oils and oilseeds market today on fall in demand at existing high levels, amid a weak global trend. 

However, coconut oil rose on selective buying by local parties. Trading sentiments turned bearish as palm oil slumped to the lowest level in more than eight months in global markets after a US report showed larger-than-expected soybean inventories, and as a decline in crude oil prices cut the appeal of vegetable oils as biofuels.

Meanwhile, palm oil for the September-delivery contract retreated 1.2% to $1,007 per tonne on the Malaysia Derivatives Exchange, the lowest since October 28. 

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils declined by Rs 30 and Rs 20 to Rs 6,200 and Rs 5,800 per quintal, respectively, while crude palm oil (ex-kandla) lost Rs 30 to Rs 5,200 per quintal.

Palmolein (rbd) and palmolein (Kandla) oils also moved down by Rs 50 each to Rs 5,700 and Rs 5,400 per quintal, respectively.  

On the other hand, coconut oil prices rose by Rs 100 to Rs 1,700-1,760 per tin.

Following are today's quotations 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) 8,200, groundnut Solvent refined (per tin) 1,400-1,410, Mustard Expeller (Dadri) 5,750, Mustard Pakki ghani (per tin) 755-910, Mustard kachi ghani (per tin) 910-1,010

Sunflower 6,300, Sesame mill delivery 6,200, soybean Refined mill delivery (Indore) 6,200, Soyabean degum (Kandla) 5,800, Crude Palm Oil (Ex-kandla) 5,200, Cottonseed mill delivery (Haryana) 5,470

Palmolein (RBD) Rs 5,700 Palmolein (Kandla) 5,400, Rice bran (phy) 3,750 and Coconut (per tin) 1,700-1,760

Non-edible oils: Linseed 4,550, Mahuwa 4,000, Castor 8,480-8,580, Neem 4,100-4,200, 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