Edible oils remain weak on sluggish demand; groundnut oil up

The wholesale oil and oilseeds market remained weak as select edible oils lost further grounds owing to subdued demand amid a weakening global trend.
However, groundnut oil extended gains on rising demand from retailers against restricted supplies from producing belts.
However, non-edible oils after moving in a narrow range on scattered deals settled around previous levels.
Marketmen said subdued demand from retailers amid a weakening global trend mainly kept pressure on select edible oil prices.
Globally, palm oil futures for June delivery fell to 2,134 ringgit (USD 576) a metric tonne on Malaysia Derivatives Exchange during the week.
In the National Capital, cottonseed mill delivery (Haryana) and mustard expeller (Dadri) oils fell by Rs 150 each to Rs 5,500 and Rs 7,400 per quintal, respectively on adequate stocks position.

Taking weak cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils moved down by Rs 100 each to Rs 6,600 and Rs 6,300 per quintal, respectively. Crude palm oil (ex-kandla) eased by a similar margin to close at Rs 4,100 per quintal.

Palmolein (RBD) and palmolein (Kandla) oils followed suit and dropped by Rs 200 each to Rs 5,500 and Rs 5,350 per quintal, respectively.
On the other hand, groundnut mill delivery (Gujarat) oil remained in demand and advanced by Rs 100 to Rs 8,800 per quintal. Groundnut solvent refined followed suit and moved up by a similar margin to Rs 1,500-1,550 per tin.

In the non-edible section, castor and linseed oils moved in a narrow range in limited deals and settled around previous levels of Rs 9,600-9,700 and Rs 8,350 per quintal respectively.