Edible, non-edible oils down on sluggish demand, global cues

Dec 15 2012, 13:55 IST
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SummaryPrices of select edible oils drifted up to Rs 50 per quintal on the wholesale oils and oilseeds market.

Amid weak trend in the global markets on record inventories and fall in demand from millers as well as retailers at domestic spot markets, prices of select edible oils drifted up to Rs 50 per quintal on the wholesale oils and oilseeds market during the week.

In the non-edible sector, neem and rice bran oils also retreated on increased arrivals against fall in industrial demand.

The sentiment in edible oils dampened largely in tandem with a weak global trend as higher output in Malaysia, the second-largest producer, may further boost record stockpiles of the tropical oil used in food to to fuel.

Meanwhile, palm oil prices for February delivery declined to 2,250 ringgit (USD 736) per tonne on the Malaysia Derivatives Exchange.

In the national capital, mustard expeller (Dadri) and cottonseed mill delivery (Haryana) after remaining steady for the better part of the week met with stockists selling and fell by Rs 30 each to Rs 8,320 and Rs 6,830 per quintal, respectively. Tracking a weak trend overseas, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils declined by Rs 40 each to Rs 7,100 and Rs 6,660 per quintal.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and lost Rs 50 each at Rs 7,150 and Rs 6,650 per quintal, respectively.

However, crude palm oil found some support and traded Rs 50 higher at Rs 7,150 per quintal, while groundnut mill delivery (Gujarat) remained flat at Rs 12,000 per quintal on some support.

In the non-edible section, neem and rice bran oils traded lower at Rs 4,630-4,730 and Rs 3,130-3,230 per quintal respectively on poor demand from consuming industries. Grains: Firm conditions persisted in the wholesale grains market during the week with prices of wheat, rice and other commodities rising on increased buying by stockists to meet increased demand, triggered by ongoing wedding season.

Marketmen said the rise in select grain prices was mostly attributed to increased offtake by stockists and retailers to meet wedding season demand.

In the national capital, wheat dara (for mills) traded higher at Rs 1,585-1,590 per quintal as against previous week's close of Rs 1,575-1580, while Wheat MP (deshi) in tight movements, ended flat at Rs 2,050-2,250 per quintal.

Maida and sooji remained steady at Rs 880-890 (50 kg) and Rs 980-990 (50kg) per quintal respectively.

In the rice segment, basmati common quality traded sharply higher at Rs 5,650-5,850

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