Select edible oils weaken on sluggish demand; higher supply

The wholesale oil and oilseed market depicted a weak trend during the week as select edible oil prices declined owing to slackened demand from vanaspati millers and retailers at prevailing levels amidst increased supplies from growing regions.
In the non-edible section, castor oil also eased on reduced offtake by consuming industries.
Traders said easing demand from vanaspati millers and retailers at existing levels against adequate stocks on higher supplies from growing regions amid a weak global trend mainly led to fall in select edible oil prices.
Globally, palm oil futures dropped to 2,237 ringgit (USD 604) a metric tonne in Kuala lumpur.

Besides, above-normal monsoon rainfall so far in growing regions raising hopes of higher output dampened the mood, they said.
In the national capital, groundnut mill delivery (Gujarat) oil eased by Rs 50 to Rs 8,800 per quintal, while groundnut solvent refined after moving in tight range, held steady at Rs 1,600-1,650 per tin. Sesame mill delivery oil too eased by Rs 100 to Rs 8,000 per quintal.

Tracking a weak global trend, palmolein (RBD) and palmolein (Kandla) oils fell by Rs 50 each to Rs 5,750 and Rs 5,650 per quintal, respectively.
On the other hand, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils moved narrowly on scattered buying or selling and settled at previous level of Rs 6,700 and Rs 6,400 per quintal, respectively.

Mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils after moving in a tight range, ended flat at Rs 7,300 and Rs 5,700 per quintal in restricted activity.
In the non-edible section, castor oil dropped to Rs 9,850-9,950 from previous week's closing of Rs 9,950-10,050 per quintal on lack of demand from consuming industries.