Edible oils remain weak on subdued demand; global cues

The slide in select edible oil prices continued at the wholesale oils and oilseeds market during the week following easing demand from vanaspati millers and retailers against adequate stocks position amid a weakening global trend.
However, non-edible oils continued to trade in a tight range due to lack of worthwhile activity from consuming industries and settled around previous levels.
Traders said besides falling demand from vanaspati millers and retailers at current levels and adequate stocks position on increased supplies from producing regions, a weakening global trend mainly kept pressure on select edible oil prices.
Meanwhile, palm oil dropped to 2,106 ringgit (USD 580) a metric tonne, the lowest in more than a month, on the Bursa Malaysia Derivatives.

In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils fell further by Rs 50 and Rs 30 to Rs 8,250 and Rs 7,820 per quintal respectively.
Cottonseed mill delivery (Haryana) which remained steady for the major part of week, lacked necessary buying support and declined by Rs 50 to Rs 5,800 per quintal.

Tracking a weak trend overseas, palmolein (rbd) and palmolein (Kandla) oils shed Rs 50 each at Rs 5,900 and Rs 5,750 per quintal respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and traded lower by a similar margin to Rs 6,850 and Rs 6,550 per quintal respectively.

In the non-edible section, linseed and castor oil traded in a tight range in the absence of buying support from consuming industries and finished steady at Rs 8,400 and Rs 9,700-9,800 per quintal respectively.