NEW DELHI, Jan 11: Edible oils prices fell further for the second straight week on the wholesale oils and oilseeds market on increased selling by stockists against sluggish demand amid a weak global trend.
A few oils in the non-edible section, also showed downtrend on reduced demand from consuming industries.
Traders said sustained selling by stockists against slackened demand mainly kept pressure on edible oil prices.
Besides, weakness in palm oil in the global market also put pressure on edible prices here, they said.
Globally, palm oil lost 4.6 per cent at two-month low of USD 770 a tonne this week, on the Malaysia Derivatives Exchange after data showed that reserves in Malaysia, climbed to the highest level in nine months, while exports fell.
Meanwhile, the Government raised import duty on refined edible oil to 10 per cent to protect the domestic processing industry and farmers.
In the national capital, groundnut mill delivery (Gujarat) and cottonseed mill delivery (Haryana) oils fell by Rs 200 each to Rs 7,900 and Rs 6,200 per quintal respectively.
Mustard expeller (Dadri) and sesame mill delivery oils also declined by Rs 200 and Rs 100 to Rs 7,200 and Rs 11,400 per quintal, respectively.
Tracking a weak global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils plunged by Rs 200 each to Rs 7,200 and Rs 6,900, while crude palm oil (ex-kandla) lost Rs 100 at Rs 5,300 per quintal, respectively.
Palmolein (rbd) and palmolein (kandla) followed suit and tumbled by Rs 250 each at Rs 6,300 and Rs 5,900 per quintal, respectively.
In the non-edible section, castor and neem oils declined by Rs 50 each to Rs 9,400-9,500 and Rs 5,200-5,300 per quintal respectively on reduced demand from consuming industries. (AGENCIES)
Trending Now
E-Paper
Follow our WhatsApp channel