Groundnut oil slide on reduced offtake

In restricted activity, groundnut oil prices dropped by Rs 200 per quintal per quintal at the wholesale oils and oilseeds market today due to reduced offtake by stockists following fall in demand from retailers.
Volume of business dropped considerably as stockists and retailers kept their activity restricted due to tight fund positions after the government in a surprise move, banned Rs 500 and Rs 1,000 currency notes in a bid to curb black money.
Castor oil in the non-edible section, also eased on lack of demand from consuming industries.
Traders said said reduced offtake by stockists due to decline in demand from retailers against sufficient stocks position on higher supplies from producing belts mainly kept pressure on groundnut oil prices.

In the national capital, groundnut mill delivery (Gujarat) oil fell by Rs 200 to Rs 10,400 per quintal.
In the non-edible section, castor oil also traded lower by Rs 50 to Rs 9,650-9,750 per quintal.

Following are today's quotations (in Rs per quintal):
Oilseeds: Mustard seed Rs 2,950-3,050 and Groundnut seed Rs 2,150-2,900. Vanaspati Ghee (15-litre tin) Rs 800-1,000.
Edible oils: Groundnut Mill Delivery (Gujarat)
Rs 10,400,Groundnut Solvent Refined (per tin) Rs 1,700-1,800, Mustard expeller (Dadri) Rs 8,650, Mustard Pakki Ghani (per tin) Rs 1,350-1,395, Mustard Kachi Ghani (per tin) Rs 1,400-1,500, Sesame Mill delivery Rs 8,100, Soybean Refined Mill Delivery (Indore) Rs 6,600, Soybean Degum (Kandla) Rs 6,300, Crude Palm Oil (Ex-Kandla) Rs 4,600, Cottonseed Mill Delivery (Haryana) Rs 6,650, Palmolein (RBD) Rs 5,650, Palmolein (Kandla) Rs 5,700 and Coconut (per tin) Rs 1,750-1,800.

Non-edible oils: Linseed Rs 9,900, Castor Rs 9,650-9,750, Neem Rs 5,350-5,450.