Edible oils soften on low demand, global cues

The wholesale oils and oilseeds market depicted a weak trend during the week as select edible oils declined owing to slackened demand from vanaspati millers and retailers amid a weak global trend.
However, groundnut oil managed to end higher on the back of increased demand from retailers.
In the non-edible section, linseed and castor oils were under pressure on reduced offtake by consuming industries.
Marketmen said sluggish demand from vanaspati millers and retailers at prevailing levels and a weak global trend mainly led to the slide in select edible oil prices.
In addition, adequate stocks position on increased supplies from producing belts influenced the sentiments, they said.

Globally, palm oil futures fell to 2,238 ringgit (USD 603) a metric tonne, the lowest level since February 4, on Malaysia Derivatives Exchange during the week.

Meanwhile, India's vegetable oil imports increased by 50 per cent to 8.66 lakh tonnes in February due to higher inward shipments of palm oil and lower crushing of soyabean in the domestic market, according to industry data.
In the national capital, cottonseed mill delivery (Haryana) and sesame mill delivery oils moved down by Rs 200 and Rs 50 to Rs 5,650 and Rs 7,400 per quintal, respectively.
Tracking a weak global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils declined Rs 50 each to Rs 6,700 and Rs 6,400 per quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and eased by a similar margin to Rs 5,700 and Rs 5,550 per quintal, respectively.
On the other hand, groundnut mill delivery (Gujarat) oil found selective buying from retailers and moved up by Rs 100 to Rs 8,700 per quintal, while mustard expeller (Dadri) oil moved in a narrow range on alternate bouts of buying or selling and settled at last level of Rs 7,550 per quintal.