Select edible oils slide on muted demand, global cues

Prices of select edible oils went down at the wholesale oil and oilseeds market during the week owing to fall in demand from vanaspati millers and retailers against ample stocks position on increased supplies.

Castor and linseed oils, in the non-edible section, also slipped due to reduced offtake by consuming industries.

Traders said, besides easing demand from vanaspati millers and retailers, adequate stocks position on increased arrivals from producing regions and a weak trend overseas, mainly led to a decline in select edible oil prices.

Meanwhile, the benchmark palm oil contract for June settled lower at 2,425 ringgit (USD 625.32) a tonne on the Bursa Malaysia Derivatives Exchange.

In the national capital, groundnut mill delivery (Gujarat) oil fell by Rs 100 to Rs 8,400 per quintal.

Mustard expeller (Dadri) eased by Rs 50 to Rs 7,850 per quintal.

Sesame and cottonseed mill delivery (Haryana) oils also fell by Rs 100 each to Rs 8,900 and Rs 7,000 per quintal, respectively.

Tracking a weak trend overseas, palmolein (rbd) and palmolein (Kandla) oils shed Rs 50 each to Rs 7,050 and Rs 7,100 per quintal, respectively.

In the non-edible section, castor oil declined by Rs 200 to Rs 7,400-7,600 per quintal on reduced industrial offtake.

Linseed oil also dropped by Rs 300 to Rs 9,100 per quintal following tepid demand from paint industries.