Edible oils slide on sluggish demand, global cues

Weak conditions prevailed at the wholesale oils and oilseeds market during the week as select oil prices drifted on slackened demand from vanaspati millers and retailers amid a weak global trend.
In the non-edible section, castor oil declined due to reduced offtake by consuming industries.
Traders said besides easing demand from vanaspati millers and retailers at prevailing levels, a weak global trend mainly led to the decline in select edible oil prices.
Meanwhile, palm oil fell to 2,300 ringgit (USD 642) a metric tonne on Bursa Malaysia Derivatives.
In the national capital, groundnut mill delivery (Gujarat), mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils were down by Rs 50 each to Rs 8,350, Rs 7,850 and Rs 5,800 per quintal, respectively on subdued demand from retailers at existing levels.

Tracking a weak global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils fell by Rs 100 each to Rs 6,800 and Rs 6,500 per quintal, respectively.

Palmolein (RBD) and palmolein (Kandla) oils followed suit and enquired lower by a similar margin to Rs 5,850 and Rs 5,700 per quintal, respectively.
On the other hand, sesame mill delivery oil moved in a narrow range in limited deals and settled at last level of Rs 7,500 per quintal.
Castor oil lacked necessary buying support from consuming industries and ended lower by Rs 50 to Rs 9,700-9,800 per quintal.
However, linseed and neem oils moved in a tight range on lack of worthwhile activity and finished at previous levels of Rs 8,400 and Rs 5,350-5,450 per quintal, respectively.