Selected edible oils remain weak on subdued demand

Select edible oil prices fell by up to Rs 50 per quintal in the wholesale oils and oilseeds market today on sluggish demand at prevailing higher levels amid lower trend in global markets.

Neem oil in the non-edible section showed weakness on reduced industrial offtake.

Sentiment in edible oils remained weak as palm oil fell for the second day in global markets on concern that Europe's debt crisis will deepen, hurting demand for commodities.

Palm oil declined by 0.6% to USD 881 a tonne on the Malaysia Derivatives Exchange, the world's largest hub of oil trading.

Besides, subdued demand at prevailing higher levels further fuelled the downtrend in edible oil prices.

In the national capital, cottonseed mill delivery (Haryana) and sesame oils declined by Rs 50 each to Rs 5,750 and Rs 6,200 per quintal, respectively.

Tracking weak cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils remained weak and shed another Rs 20 each to Rs 6,600 and Rs 6,080 per quintal, respectively.

Palmolein (Rbd) and palmolein (kandla) oils traded lower by the same margin to Rs 6,130 and Rs 5,830 per quintal, respectively.

In the non-edible section, neem oil declined by Rs 50 to Rs 3,950-4,050 per quintal on sluggish demand from soap industries.