Select edible oils prices fall on global cues

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SummarySelect edible oils fell by Rs 50 per quintal on the wholesale oils and oilseeds market.

Select edible oils fell by Rs 50 per quintal on the wholesale oils and oilseeds market today on a weak global trend.

However, non-edible oils remained stable in restricted buying activity from consuming industries.

Traders said sentiment turned bearish as palm oil dropped to a two-week low in global markets amid forecasts for larger soybean harvests in the US, Brazil and Argentina, adding to supplies of global oilseeds and cutting demand for the tropical oil.

Meanwhile, palm oil for the contract for April declined 0.4 per cent to USD 808 a tonne, the lowest since January 30, on the Malaysia Derivatives Exchange.

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils fell further by Rs 50 each to Rs 7450 and Rs 7000 per quintal, respectively on lower global trend.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and traded lower by Rs 50 each at Rs 7550 and Rs 7050 per quintal, respectively.

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