Edible oils decline on sluggish demand; global cues

Edible oil prices drifted at the wholesale oils and oilseeds market during the week owing to slackened demand from vanaspati millers and retailers at prevailing higher levels amid a weak global trend.
However, non-edible oils moved in a narrow range in limited deals and settled around previous levels.
Traders said besides easing demand from vanaspati millers and retailers at existing higher levels, adequate supplies from producing regions and a weak global trend mainly led to the decline in edible oil prices.
Besides, appreciating rupee to Rs 61.42 against the dollar that made imports cheaper also influenced edible oil prices, they said.

Meanwhile, palm oil dropped to 2,305 ringgit (USD 646) a metric tonne on Bursa Malaysia Derivatives.
In the national capital, groundnut mill delivery (Gujarat) oil fell by Rs 150 to Rs 8,300 per quintal, while groundnut solvent refined held steady at Rs 1,350-1,400 per tin.

Mustard expeller (Dadri) cottonseed mill delivery (Haryana) oils eased by Rs 30 and Rs 50 to Rs 7,850 and Rs 5,850 per quintal.
Sesame mill delivery oil declined by Rs 100 to Rs 7,500 per quintal.
Tracking a weak global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils moved down by Rs 50 each to Rs 6,900 and Rs 6,600 per quintal respectively.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and ended lower by a similar margin to Rs 5,950 and Rs 5,800 per quintal respectively.
In the non-edible section, linseed and castor oil moved in a narrow range in scattered deals and settled at last levels of Rs 8,400 and Rs 9,700-9,800 per quintal respectively.