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Select edible oils fall on subdued demand, global cues

Select edible oil prices fell by Rs 100 per quintal on the wholesale oils and oil seeds market.

Select edible oil prices fell by Rs 100 per quintal on the wholesale oils and oil seeds market today owing to subdued demand amid a weak global trend. However, non-edible oils moved in a narrow range in scattered deals and settled around previous levels.

Sentiment turned bearish after palm oil fell to three- week low in global markets on speculation that a bigger-than-estimated soybean crop in the US may boost global vegetable-oil supplies, and on concern that stockpiles in Southeast Asia are rising. Meanwhile, palm oil for the November-delivery contract fell 2 per cent to USD 939 a tonne on the Malaysia Derivatives Exchange, the lowest since August 16. Besides, subdued demand at prevailing higher levels also dampened the trading sentiment.

In the edible section, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils fell by Rs 100 each to Rs 7,950 and Rs 7,550, while crude palm oil (ex- andla) traded lower by the same margin to Rs 7,500 per quintal, respectively. Palmolein (rbd) and palmolein (Kandla) oils declined by Rs 100 each to Rs 8,100 and Rs 7,650 per quintal, respectively. (MORE) PTI SUN RS KPSSelect edible oils fall on subdued demand, global cues

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First published on: 06-09-2012 at 17:33 IST
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