Edible oils slide on sluggish demand, adequate supply

The wholesale oils and oilseeds market displayed a weak trend during the week as most of edible oil prices drifted owing to slackened demand from vanaspati millers and retailers against adequate stocks position.
However, groundnut oil managed to close higher on the back of buying by retailers.
Meanwhile, non-edible oils, after moving in a tight range during the period on scattered enquiries from consuming industries, settled around previous levels.
Traders said subdued demand from vanaspati millers and retailers at prevailing levels mainly led to the decline in edible oil prices.
Furthermore, adequate stocks position in the market on increased supplies from producing belts, too impacted the sentiments, they said.

In the national capital, mustard expeller (Dadri), cottonseed mill delivery (Haryana) and sesame mill delivery oils were down by Rs 100 each to Rs 7,700, Rs 5,800 and Rs 7,400 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils shed Rs 50 each to Rs 6,700 and Rs 6,400 per quintal, respectively.
Palmolein (rbd) and palmolein (Kandla) oils moved down by Rs 100 each to Rs 5,700 and Rs 5,550 per quintal, respectively.
On the other hand, groundnut mill delivery (Gujarat) oil gained Rs 100 to Rs 8,550 per quintal.