Edible oils fall on sluggish demand, global cues

New Delhi, Aug 16 : Edible oil prices drifted at the wholesale oils and oilseeds market today on slackened demand at prevailing levels amid a weak global trend. However, non-edible oils moved in a narrow range in scattered deals from consuming industries and settled at last levels. Markets remained closed on Friday on account of Independence Day.

Meanwhile, imports of vegetable oils rose 25 per cent in July to 11.09 lakh tonnes on the back of record inward shipments of soyabean oil, according to industry data. Traders said besides fall in demand at prevailing higher levels against adequate stocks position, a weak global trend mainly weighed on edible oil prices. Globally, palm oil futures dropped to USD 666 a metric tonne, the lowest level since October 2009 on the Malaysia Derivatives.

In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils declined by Rs 50 each to Rs 7,700 and Rs 7,100, while cottonseed mill delivery (Haryana) oil ended lower by the same margin to Rs 6,350 per quintal, respectively. Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils fell by Rs 50 each to Rs 6,850 and Rs 6,650 per quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and shed Rs 50 each to Rs 6,250 and Rs 6,050 per quintal, respectively. In the non-edible section, linseed, castor and neem oils moved in a narrow range on lack of worthwhile buying activity from consuming industries and settled at last levels of Rs 7,850, Rs 9,700-9,800 and Rs 5,350-5,450 per quintal, respectively.