Edible oil prices fell by Rs 50 per quintal in the wholesale oils and oilseeds market today due to sluggish demand amid a weak global trend. Linseed and castor oil also moved down on reduced offtake by industrial units.
Sentiment turned bearish on sluggish demand amid a weak global trend where palm oil fell to a one-week low in global markets on expectations that inventories in Malaysia, the world's biggest producer after Indonesia, probably held near a record last month as exports declined.
Meanwhile, palm oil for March delivery dropped 1.3 per cent to USD 801 a metric tonne on the Malaysia Derivatives Exchange, the lowest since December 31.
In the national capital, Groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils declined by Rs 50 each to Rs 12,250 and Rs 8,200 per quintal respectively on subdued demand.
Taking negative cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils fell by Rs 50 each to Rs 7,400 and Rs 6,950 per quintal respectively.
Palmolein (rbd) and palmolein (Kandla) oils followed suit and lost Rs 50 each at Rs 7,450 and Rs 6,950 per quintal respectively.
In the non-edible section, linseed and castor oil fell by Rs 50 and Rs 30 to Rs 6,100 and Rs 8,700-8,800 per quintal respectively on reduced industrial offtake.