Edible oils fall on sluggish demand, global cues

Edible oil prices fell up to Rs 100 per quintal at the wholesale oils and oilseeds market today on sluggish demand against adequate supplies amid a weak global trend.
Neem oil in the non-edible section also eased on reduced offtake from soap makers.
Marketmen said sluggish demand against adequate supplies mainly kept pressure on edible oil prices.
Weak global trend as palm oil fell the most in more than three weeks on concern that exports from Malaysia, the world's second-largest producer, may decline as global supplies of alternative cooking oils increase, also dampened the sentiment, they said.
Meanwhile, palm oil for March delivery lost 1.5 per cent to USD 791 a tonne, the biggest fall since December 13 on the Malaysia Derivatives Exchange.

In the national capital, groundnut mill delivery (Gujarat), mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils fell by Rs 100 each to Rs 8,000, Rs 7,300 and Rs 6,300 per quintal, respectively. Groundnut solvent refined lost Rs 50 at Rs 1,950-2,000 per tin.

Taking negative cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils declined by Rs 100 each to Rs 7,300 and Rs 7,000 per quintal, respectively.
Palmolein (rbd) and palmolein (Kandla) oils followed suit and traded lower by a similar margin to Rs 6,450 and Rs 6,050 per quintal, respectively.
In the non-edible section, neem oil declined by Rs 50 to Rs 5,250-5,350 per quintal.