Edible oils extend weakness on low demand, adequate stocks

Select edible oil prices drifted further down at the wholesale oil and oilseeds market this week owing to slackened demand from vanaspati millers against ample stocks position on increased supplies.

However, pamolein oil ended higher on scattered retailers demand.

On the other hand, castor oil in the non-edible section went up on the back of pick up in demand from consuming industries.

Traders said besides easing demand from vanaspati mills and adequate stocks position on increased arrivals from producing regions mainly kept select edible oil prices down.

Market remained closed on Wednesday on account of "Bakri Id".

In the national capital, groundnut mill delivery (Gujarat) oil dropped by Rs 400 to Rs 9,200 per quintal. Groundnut solvent refined followed suit and eased by Rs 50 to Rs 1,750-1,850 per tin.

Mustard expeller (Dadri) oil also shed Rs 50 to Rs 8,250 per quintal.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils too finished lower by Rs 50 each to Rs 7,650 and Rs 7,250 per quintal respectively.

Meanwhile, palmolein (rbd) and palmolein (Kandla) oils found some buying support from retailers and finished higher by Rs 50 each to Rs 6,700 and Rs 6,750 per quintal respectively.

In the non-edible section, castor oil surged by Rs 300 to Rs 7,500-7,600, while linseed oil held steady at Rs 9,500 per quintal respectively during the period.