Edible oils slide as demand declines amid weak global cues

In restricted activity, edible oil prices drifted at the wholesale oils and oilseeds market during the past week as demand receded at prevailing higher levels amid a weak global trend.
Linseed oil in the non-edible, also traded lower on reduced offtake by paint industries.
Markets remained closed on Tuesday and Thursday for Ram Navami and polling for the seven Lok Sabha constituencies in the national capital.
Traders said stockists selling against easing demand at prevailing levels amid a weak global trend mainly led to decline in edible oil prices.
Meanwhile, palm oil futures declined to 795 dollar a metric tonne, the lowest level since February 7, on Malaysia Derivatives Exchange.

In the national capital, sesame mill delivery remained weak as prices fell further by Rs 300 to Rs 10,200 per quintal.

Groundnut mill delivery (Gujarat), mustard expeller (Dadri) and cottonseed mill delivery (Haryana) which remained steady for the major part of week, met with fag-end stockists selling and ended lower by Rs 100 each to Rs 7,300, Rs 7,000 and Rs 6,200 per quintal respectively.
Tracking a weak global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils declined by Rs 100 and Rs 50 to Rs 7,400 and Rs 7,200, per quintal, respectively.
Palmolein (rbd) and palmolein (Kandla) oils followed suit and shed 50 each to Rs 6,700 and Rs 6,350 per quintal, respectively.

In the non-edible section, linseed oil traded lower by Rs 100 to Rs 7,400 per quintal on poor demand from paint units.