Edible oils remain weak on sluggish demand, global cues

Edible oils remained weak for the second straight day and prices shed another Rs 100 per quintal at the wholesale oils and oilseeds market today on sluggish demand amid a weakening global trend.
Castor oil in the non-edible section also weakened on lack of demand from consuming industries.
Marketmen said sluggish demand mainly kept pressure on edible oil prices.
They said a weakening global trend where palm oil tumbled to the lowest level in more than two weeks on concern that demand for the tropical oil may weaken on rising global inventories of soybeans, further fuelled the downtrend.
Meanwhile, palm oil for March delivery retreated 1.1 per cent to USD 784 a tonne, the lowest since December 23 on the Malaysia Derivatives Exchange.

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils fell further by Rs 100 each to Rs 7,200 and Rs 6,900 per quintal, respectively on weakening global trend.
Palmolein (rbd) and palmolein (Kandla) oils followed suit and lost another Rs 100 each at Rs 6,350 and Rs 5,950 per quintal, respectively.
In the non-edible section, castor oil traded lower by Rs 50 to Rs 9400-9500 per quintal.