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

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.

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