Edible oils turn weak on sluggish demand, higher supply

The wholesale oils and oilseeds market ended the week on a mild note as select edible oil prices declined due to subdued demand at prevailing levels against adequate stocks position.
In the non-edible section, a few oils eased on reduced offtake by consuming industries.
Traders said sluggish demand from retailers against adequate stocks position on higher supplies from producing belts mainly led to the fall in select edible oil prices.
In the national capital, groundnut mill delivery (Gujarat) and cottonseed mill delivery (Haryana) oils declined by Rs 50 each to Rs 8,600 and Rs 5,500 per quintal, respectively.
Mustard expeller (dadri) oil also weakened by a similar margin to Rs 7,100 per quintal.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and shed Rs 50 each to Rs 6,550 and Rs 6,250 per quintal, respectively.

However, palmolein (rbd) and palmolein (Kandla) oils moved both ways on alternate bouts of buying and selling and settled at previous levels of Rs 5,500 and Rs 5,400 per quintal, respectively.
In the non-edible section, linseed oil declined by Rs 50 to Rs 8,200 per quintal on lack of demand from paint industries.
Castor oil also eased by the same margin to Rs 9,700-9,80 per quintal on reduced industrial offtake.