16/12/2011 (MSN) - Prices of palmolein and soyabean oils declined up to Rs 30 per quintal on the oils and oilseeds market today, dragged down by a weakening global trend.

Linseed oil in the non-edible section, also eased on reduced offtake by industrial units and other consuming industries.

The trading sentiment turned bearish after palm oil dropped in Malaysia on speculation that a weakening global economy may erode demand for commodities including edible oils.

In addition, slackened demand from millers also weighed on the prices, they said.

Meanwhile, palm oil futures for February contract dropped by 2.2 per cent to USD 934 per tonne on the Malaysia Derivatives Exchange.

Palmolein (rbd) and palmolein (Kandla) oils declined by Rs 30 and Rs 20 to Rs 6,600 and Rs 6,250 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and lost Rs 20 and Rs 10 to Rs 6,730 and Rs 6,300 per quintal.

In the non-edible section, linseed oil fell by Rs 50 to Rs 4,600 per quintal due to poor demand from consuming industries. .