Edible oils extend losses on declining demand, global cues

Edible oils extended losses for the second straight week at the wholesale oils and oilseeds market due to falling demand at prevailing levels amid a weakening global trend.
A few oils in the non-edible section also eased on reduced industrial offtake.
Traders said besides easing demand at prevailing levels, a weakening global trend kept pressure on edible oil prices.
In addition, appreciating rupee that made imports cheaper also helped edible prices to fall, they said.
Globally, palm oil fell to USD 633 a metric tonne, the lowest level since March 2009 at the Malaysia Derivatives Exchange.
In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils remained weak and prices fell by another Rs 200 and Rs 100 to Rs 7,500 and Rs 7,000, while cottonseed mill delivery (Haryana) oil closed lower by Rs 200 to Rs 6,150 per quintal, respectively.

Tracking a weakening global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils dropped by Rs 250 each to Rs 6,600 and Rs 6,300, while crude palm oil (ex-kandla) enquired lower by Rs 150 to Rs 5,100 per quintal, respectively.
Palmolein (rbd) and palmolein (Kandla) oils followed suit and declined by Rs 200 each to Rs 6,050 and Rs 5,850 per quintal, respectively.
In the non-edible section, linseed, castor oils fell by Rs 50 each to Rs 7,800 and Rs 9,650-9,750 per quintal, respectively owing to slackened demand from consuming industries.