Select edible oils weaken on sluggish demand, global cues

Select edible oils declined by Rs 50 per quintal on the wholesale oils and oilseeds market today due to subdued demand amid a weak global trend.

However, non-edible oils moved in a tight range in restricted buying activity by consumers and settled around previous levels.

Sentiment in edible oils turned bearish after palm oil retreated from the highest level in a month in overseas markets as data showing gains in exports from Malaysia were countered by concerns over shipments to China, the world's biggest cooking oil buyer.

Meanwhile, the March contract was little changed at $ 790 a metric tonne on the Malaysia Derivatives Exchange, highest since November 27.

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils declined by Rs 50 each to Rs 7,150 and Rs 6,700, while crude palm oil (ex-kandla) traded lower by the same margin to Rs 7,100 per quintal.

Palmolein (RBD) and palmolein (Kandla) oils shed Rs 50 each at Rs 7,200 and Rs 6,700 per quintal respectively.