Select edible oils extend loss on sluggish demand

Select edible oils continued their downward trend for the third straight week and registered losses up to Rs 100 per quintal at the wholesale oils and oilseeds market largely due to slackened demand from vanaspati millers as well as retailers.
Furthermore, adequate stocks in the physical market following pickup in supplies and a weak trend overseas weighed on the edible oil prices.
Castor oil in the non-edible section, showed weakness on easing demand from consuming industries.
Markets remained closed today on account of 'Independence Day.'
Traders said subdued demand from vanaspati millers as well as retailers and reports of a weak trend in overseas markets mainly dragged down select edible oil prices.

In the national capital, groundnut mill delivery (Gujarat)and cottonseed mill delivery (Haryana) oils fell further by Rs 50 each to Rs 8,800 and Rs 5,700 per quintal, respectively.

Coconut oil after moving in a narrow range on scattered buying or selling, eased to Rs 2,100-2,125 from last close of Rs 2,200-2,225 per tin.
In line with overall trends, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils moved down by Rs 100 each to Rs 6,400 and Rs 6,100 per quintal.
Palmolein (RBD) and palmolein (Kandla) oils followed suit and shed Rs 50 each at Rs 5,400 and Rs 5,300 per quintal, respectively.

However, mustard expeller (Dadri) and sesame mill delivery oils moved in a tight range through out the week on scattered buying and selling and finally finished at previous levels of Rs 7,500 and Rs 8,000 per quintal, respectively.
In the non-edible section, castor lacked necessary buying support from consuming industries and declined by Rs 50 to Rs 9,750-9,850 per quintal, while linseed oil held steady at Rs 8,450 per quintal during the period.