Select edible oils fall on sluggish demand

Select edible oil prices fell up to Rs 50 per quintal in the wholesale oils and oilseeds market today on sluggish demand at prevailing higher levels amid a weak global trend.

Some oils in the non-edible section, also showed some weakness on reduced offtake by industrial units.

Trading sentiment turned bearish as palm oil dropped in global markets, after reaching its highest level in more than three weeks on concerns that demand for the cooking oil may decline amid escalating economic woes in the US and Europe. 

Meanwhile, palm oil for the September-delivery contract slipped 1% to $1,024 per metric tonne on the Malaysia Derivatives Exchange. In additions, fall in demand at prevailing higher levels further fueled the downtrend.

In the national capital, soyabean mill delivery (Indore) and soyabean degum (Kandla) oils fell by Rs 50 and Rs 30 to Rs 6,250 and Rs 5,830, while crude palm oil (ex-kandla) shed Rs 20 to Rs 5,180 per quintal respectively.

Palmolein (rbd) and palmolein (kandla) also moved down by Rs 20 each to Rs 5,800 and Rs 5,500 per quintal respectively. In the non-edible section, linseed oil declined by Rs 50 to Rs 4550 per quintal on lack of enquiries from paint's industries.

Neem oil lost Rs 50 to Rs 4,050-4,150 per quintal.

Following were today's quotations: 

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) 8,380, groundnut Solvent refined (per tin) 1,425-1,435, Mustard Expeller (Dadri) 5,720, Mustard Pakki ghani (per tin) 745-900, Mustard kachi ghani (per tin) 900-1,000

Sunflower 6,300, Sesame mill delivery 6,200, soybean Refined mill delivery (Indore) 6,250, Soyabean  degum (Kandla) 5,830, Crude Palm Oil (Ex-kandla) 5,180

Cottonseed mill delivery (Haryana) 5,480, Palmolein (RBD) Rs 5,800 Palmolein (Kandla) 5,500, Rice bran (phy) 3,750 and Coconut (per tin) 1,700-1,760

Non-edible oils: Linseed 4,550, Mahuwa 4,000, Castor 8,450-8,550, Neem 4,050-4,150, 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