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Edible oils extend losses on weak global cues

Edible oils on Monday extended losses in the national capital on increased selling by stockists, taking cues from global markets.

business Updated: Nov 17, 2008 16:25 IST

Edible oils on Monday extended losses in the national capital on increased selling by stockists, taking cues from global markets.

Marketmen said sentiments remained weak after palm oil futures dropped for the fifth day on concerns that global recession will cut demand and add to an oversupply.

Palm oil for January delivery on the Malaysia Derivatives Exchange fell 1.9 per cent to 397 dollar a metric tonne, the lowest since October 29.

The fall in edible oils mostly attributed to fresh stockists selling in line with weakening trend at Malaysian palm futures.

Palmoline (rbd) and crude palm oil (ex-kandla) remained under pressure and lost further Rs 50 each at Rs 3400 and Rs 2400 per quintal respectively.

Soyabean mill delivery and soyabean degum (Delhi) oils followed suit and traded lower by Rs 150 and Rs 200 to Rs 4,400 and Rs 4,100 per quintal.

Rice bran (physical) also suffered a major setback of 350 to Rs 3,200 per quintal.

On the other hand,groundnut oil shot up by Rs 100 to Rs 5,500 per quintal on retailers demand in view of ongoing marriage season while groundnut solvent refined gained Rs 10 at Rs 1,070-1,120 per tin of 15 litres and sesame oil was traded higher by Rs 50 to Rs 6,300 per quintal.